In theory.
vimeo.com/358354245
I've been doing more reading and watching today and have stumbled onto a shocking number of channels that are taking the stand "but if you prevent me from advertising to children then I won't be able to advertise to children"
that doesn't mean YouTube's automated system won't flag it, forcing the channel owner to jump through various appeals hoops, like Content ID but "for kids" instead of copyright.
But if you're making Pokemon animations that are indistinguishable in tone or content from official Pokemon stuff? You are making children's content.
There's no practical reality where the FTC Consumer Protection Dept. has the resources to chase down small YT channels.
They *could*, awful random things happen all the time, but it's very unlikely.