Yes, this is why many larger media sites opt to use header bidding. The decrease in CTR (click through rate) is offset by increased demand for each ad unit, driving up CPM (effectively the price of the ad).

The downside of this for websites is more middlemen extracting away value - but it’s usually still a net gain, otherwise publishers just wouldn’t use header bidding.

(I’ve worked in several large media companies and have implemented header bidding solutions for them in the past)

Probably not, since I doubt the ad network sends that much more of the margin it makes without Google back to the website.

You'd be surprised. Every time I've observed a switch to header bidding, revenue goes up like 50% or so. And I've heard the same from many other people. I don't think I've ever heard someone say it didn't improve revenue. And yes, that increase is after the new middleman takes his typical 20% cut!