I do think that there is a difference between TV output and algorithmically delivered content like youtube. The algorithms are specifically designed to keep your attention on that platform as long as possible and to keep you returning - these platforms are constantly refining that by testing different approaches on small groups of users and seeing which one works best. And they are modelled on their userbase as a whole, which is majority adults.
Children are much more susceptible to this, because their brains are less developed.
Just like gambling for example is banned for children's products, I would love to see algorithm-delivered content banned for children's TV and games but I don't think that will happen any time soon. I think it is worth being aware of this aspect, even though I think in general most people are overly worried/judgemental about screen time and moderate use is not a problem.
The on-demand stuff IME can have aspects of both. If you go into the settings and get rid of some of the features (autoplay next episode, auto suggest new content, autoplay trailers, animated menus/screensavers, as well as banning any specific programmes that you don't like) then it becomes more like TV, whereas if you leave it on the default options, it's more like youtube. Youtube is especially bad for this, because it has so MUCH random content uploaded by literally anyone and then the program sorts it so that whatever people stay watching is more likely to be served up to new viewers. Rather than something like CBeebies which is created by professional TV studios and will have some kind of research and funding behind it towards educational goals. It's still all entertainment, don't get sucked into the TV-as-education stuff, but I think there is a difference between most of the dross on youtube (and if you let the algorithm run for a while, you do get to some extremely odd videos) and say, Numberblocks or Hey Duggee.
The way I see it is it's a bit like CBeebies content is like fruit and yoghurt and sausages - it's "real food", but it's palatable to kids and they are likely to choose it over say a salad and a jacket potato. Whereas Youtube type content is more like highly sugary, fatty, ice cream and doughnuts and skittles - it is EXTREMELY appealing and will always be preferable given a straight choice but it's not very good for you to consume too much of it.
I think it's very difficult to self-regulate with that kind of content.