I’ve had a similar experience — YouTube Ads can be super hit-or-miss, and a lot of it comes down to targeting and the format you choose.
In my case, the campaigns that performed best were the ones with really dialed-in audiences. Broad targeting usually burned through the budget fast without much to show for it, but when I narrowed things down (interests + keywords + custom segments), the cost per view and conversions got way more reasonable.
Format matters a ton too. Skippable in-streams gave me the most reach, but the engagement wasn’t always great. Shorts placements have been surprisingly strong lately, though, especially for quick hooks. Discovery ads were the slowest but brought the most intentional viewers.
Overall, I’d say YouTube Ads can be effective, but they definitely take more testing and tweaking than most people expect. Once you find the right combo, though, the consistency is pretty solid.
Curious to see what others here are seeing too.