I hate to be "that guy," but I just tested YouTube on my 512 16 M1 MBP and don't experience the issues you are having.
Are your machines 8gb RAM, by any chance? Could that be the reason, for some strange reason?
I hope you get it sorted.
My machine is a M1 MacMini with 16GB RAM/512GB SSD, running two Dell monitors. One USB-C the other HDMI. I am using a Logitech MX Master 3 Mac mouse and using the Logitech dongle/reciever. No problems on any other website but YouTube. And, I can "scroll" like crazy using the right hand scroll bar, just not the mouse bar as it freezes up.
UPDATE: Weird, now Safari is working fine with my MX Master 3 scroll wheel. I did install Chrome, when back to Safari and now is scrolls fine. I have no idea why.
UPDATE to the UPDATE: Doing it again!
I still love the MacMini....but oh all the surprises
I'm just glad there is such a community of helpful and knowledgeable users here. Otherwise I'd be going crazy. This is like the old fashioned Apple User Group I attended when I owned a //+. Just bigger!