i've been out of the youtube loop for probably years now and i think there's definitely a lot more cons to making a rewind.
kinda gonna piggyback off what Huntsylvania said, youtube is incredibly diverse and it'd be near impossible to capture a little bit of everyone's experience while simultaneously making sure no deserving creators feel left out and cram it into a video under 10 minutes.
perhaps as an alternative they could do something like a "flashback". similar to how they have shorts, they could do a feed that highlights popular moments on the platform over the year (and even previous years). that way they could fit a lot more content and people can scroll at their leisure. throwback compilations and playlists have always been a big thing on youtube so it'd be like that. it wouldn't have the same charm as the rewind we're familiar with, of course. but no matter what the alternative is, if they're still barely listening to their community like i remember them being notorious for, it might not go over well.