In such an alternative approach, YouTube would still be taking a cut of the fees as the payment-processor interceding between advertisers and content-creators. Their business model would be equivalent to that of Patreon's, in the sense that when the content-creator gets paid, they get paid.

With current YouTube, any fees paid in by advertisers are theirs to do with as they like, and payment-of-content-creators is just a nice thing that YouTube happens to do, but can not-do on a whim with no ill effects. "Revenue from advertisers" and "expenses paying out content-creators" are two entirely independent lines on their balance sheet.

In this alternate model, the money they would receive from advertisers would now be a liability on their balance-sheet, something owed (except for the fraction taken as fee) to the content creator, just as if it was money in a savings account they were holding for the content-creator.