Nope, it seems they will stop all monetization per:
https://support.google.com/youtube/answer/72851?hl=en"The YouTube Partner Program (YPP) lets creators monetize their content on YouTube. Creators can earn money from advertisements served on their videos and from YouTube Red subscribers watching their content."
And in order to apply for YPP you just try to enable Monetization per: https://support.google.com/youtube/answer/72857#apply
The two (YPP and Monetization) seem to be the same thing?