Yeah, YouTube is not one server, it's hundreds of them. The videos are served mostly from CDNs (the Content Distribution Network). It's a different set of servers than handles account logins, routing, etc.

Some Google Services are also down at the moment, unrelated to YouTube, so probably a failure along some common infrastructure pipeline.

Your History, Subscriptions and search should all work. You should be able to see any creator's page if you go to it directly. The videos are all still watchable. It's primarily the home page and recommended videos that are having issues. Basically any place they recommend videos you haven't seen is broken right now, but the videos are still there and accessible.

I've tried via VPN from the U.S., U.K., Sweden, Germany, Russia, Colombia, etc. Same issue across the board.