And it is inferior since it lacks sponsor block. I have premium that I use on my phone and it is pretty annoying that pretty much each video still has ads in them in the form of a sponsor segment
At some point I will probably cancel my subscription and use an unofficial app with sponsor block. And that aldo hopefully blocks shorts ad well
It's cheaper if you pay annually (129usd, afair). And YT Premium also includes access to YT Music, which is also ad-free. Plus the annual subscription doesn't auto-renew.