I switched over since I heard it was more privacy friendly than YouTube and have been using the platform for a while without issues, but this cookie banner just popped up. You can opt-out of things like "Access precise geolocation data" but a lot of other information is still shared by third parties and not opt-outable.
It seems "Reject All" is the correct choice here, but I'm not sure if it is the best choice for browser users who have to constantly log back into their accounts.
I would not recommend investing any time or money into the platform, as it will inevitably crash and burn as the owners walk away flush with cash while everyone else is left holding the bag.
Peertube is not ideal, but it is currently the only alternative that isn't tied to a shady crypto scheme.