Many people are making a good living on YouTube. Most of the people making a good living have large numbers of subscribers and thousands to millions views on their contents.
YouTubers earn by monetizing their channel for Adsense income. YouTube serve Ads to the videos and YouTubers earn income when those ads are watched.
YouTubers also earn from sponsorship. They earn from products they advertise on their channel.
So to your question, yes, YouTube is a good way to earn a living.
It depends what you mean by 'good' but I guess you have amount of dollars in mind. Certainly many have made megabucks but what have you to offer an increasingly choosy public? Are you a singer or rapper? Then it's a matter of whether your voice and face appeal widely.
How much time can you spend preparing your welcome video, the videos you're going to offer. You'll only make decent money if you get thousands of views, preferably tens of thousands. Worth seeing if you can cut it, but if it doesn't take off after three months, I'd try a different route to making money.