Ethically? Maybe not? I don't know, I'm just exploring the problem space. I understand nobody likes advertisements, but while whether I like something may affect whether I allow it personally, I try not to let it affect whether I think it's an ethical thing to ignore.
What this means in practice is that I use an ad-blocker, mostly for security reasons, but understand that it hurts the bottom line of every source it's effective for. In cases where a site puts up a small notice at the top asking me to not block the ads, I generally do so or choose not to consume the content. This wasn't always the case, but it's where I arrived at.
The whole system is broken, I understand that, but I don't necessarily think increased ad-blocker usage will lead us to the solution we eventually need. That will probably require some sort of legislation, but I'm honestly not sure which interest will get served first, and thus more favorably. I'm slightly afraid it will be the commercial interest, barring some really nasty massive breach of aggregated data from advertising companies that's used to very bad effect, and in that case we lose quite a bit as well.
If I rip out all ads in a print magazine, or throw away the flyers in a magazine - which I do first after buying a mag - then I shouldn't buy the magazine? (magazines are paid for by ads not by me buying them).