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I believe Nebula pays fantastically well, at least according to Sam from Wendover Productions. This is attributed to the fact that Nebula charges a subscription and half the subscription fees are divvied up to the channels according to watch time.
However, he owns a significant portion of Nebula so he's not a disinterested information source.
It's creator owned. If they're on nebula, they have a stake in it, writ large
Nebula was also made by content creators in response to how bad YouTube is for them.
My annual subscription to Nebula expired last month. I didn't renew. They seemed to have a mix of exactly what you get on YouTube and some peculiar TV documentaries that weren't quite good enough to make brand name TV channels
I don't think that from a purely "rational consumer" perspective Nebula is worth the $30 per year demanded. But to me, it's like a Patreon subscription. I can support my favourite creators and I get some nice perks in return, like offline video downloads and advertising and sponsor-free programming. These perks are not worth $30 a year to me. But I will continue to support them anyway.
I'm broke, so if they exclusively upload to nebula, they aren't getting anything from my view because it doesn't happen.
Uploading to both though seems like a good idea
There are original series on Nebula that cost a lot to make so I understand that they need to recoup the investment on those.
But most videos are released on both platforms. The Nebula versions usually have extended cuts and are free of adverts and sponsors, but the programming is otherwise the same.