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v0.26.0 (the next release) should support viewing livestreams. See https://github.com/TeamNewPipe/NewPipe/issues/10471
Exactly what you described exists and is called PeerTube.
https://joinpeertube.org
https://github.com/Chocobozzz/PeerTube
Just a small correction: it's not "YouTube" ReVenced, it's just ReVenced. ReVenced is a group dedicated to patching apps, but the group itself doesn't provide any patched apps.
It does provide this app to patch other apps: https://github.com/ReVanced/revanced-manager
And FreeTube for desktop (just has regular adblock). It's an alternate client with a nice UI with a similar layout to YouTube.
https://freetubeapp.io/
"Due to their process of building apps, apps in the official F-Droid repository often fall behind on updates. F-Droid maintainers also reuse package IDs while signing apps with their own keys, which is not ideal as it gives the F-Droid team ultimate trust. Additionally, the requirements for an app to be included in the official F-Droid repo are less strict than other app stores like Google Play, meaning that F-Droid tends to host a lot more apps which are older, unmaintained, or otherwise no longer meet modern security standards."[2]
[1]: https://github.com/ImranR98/Obtainium#readme