One "out-of-the-box" way to monetize Reddit traffic is to come up with Reddit conversation trend-specific content which then leads to email collection dedicated to that topic.
For example, if you are subscribed mostly to subreddits that talk about a certain type of anime and you talk about certain manufacturers of action figures and other collectibles, you can direct the conversation to go to your subreddit, which you can then control and pump traffic from using your own content shares.
When people get to your website, you don't show them any ads, but you get them excited about your content and get them to click on internal links.
It's on these internal pages that you can collect their emails.
And once you get them on your newsletter, you basically have this relationship with them where you can keep sending them updates until they buy stuff.
And if you know what you're doing, you can sell your own products or do dropshipping through your own pages.
You stand to make quite a bit of money because you're in better control.
But if you're gonna play the Reddit game by simply just promoting affiliate links, it's gonna be much harder because you can't control the sales pages.
Also, the topics and niches might not quite flow from the actual conversations and content interests that you are appealing to on Reddit.