I’ve said it before in another thread. In my view your phone shouldn’t be your dedicated media engine. Yes you can watch YouTube and other things on the road and on the go with your phone, but you really should have a tablet, a laptop, or dedicated console for max viewing of media or gaming.
I use my phone for calls, texting, banking apps, paying bills, stocks/investments, navigation, CarPlay, email etc. etc. etc., so for me the Dynamic Island adds to the multitasking of all these activities. The cut out to me makes no difference just like the notch before it.