PeerTube offers self hosting of video. You can host whatever you want and no one can stop you with anything short of extreme state intervention. Video is distributed to viewers via a P2P channel. This means that you don't need YouTube's vast network resources to serve a modest number of videos; any super popular video will be distributed mostly by the P2P network rather than your own server.
You don't necessarily have to self-host. There are publicly accessible PeerTube servers who will host your videos for free. However you won't necessarily have as much resistance to censorship in that case.
YouTube offers baked-in monetization. For good and ill. If you want to monetize your videos, you will have to figure that out for yourself on PeerTube.