I'm not surprised that it has been renewed despite the relative expense. It's always going to struggle compared with free-to-air channels like ITV and the BBC, and looking at overnights is so reductive in 2026 for anything beyond sport and significant reality shows (Strictly, The Traitors etc), that it's meaningless.
The 120,000 or so it's getting on Saturdays is just not what anyone at Sky will be looking at. They want that same cool awareness that means that people come to them with for Premier League football, a few biggish shows and whatever HBO stuff that they are still able to show under their new WBD agreement. (That's yes to Game of Thrones spin-offs, The Rooster, Hacks and others, but no to The Pitt which is HBO Max exclusive... except Sky subs now include HBO Max basic so...)
I think the YouTube numbers are more interesting. Some of the bigger sketches are getting towards 2m views, and that's something they can grow. They're still a bit miserly with what they put out. My favourite sketch of the whole series from the episodes I've seen, is still not online anywhere official. It had the stars of a fake movie being interviewed by a seemingly ingratiating host, who suddenly turned on them and asked why their film was so bad.
Incidentally, Ncuti Gatwa was the most recent Doctor Who.
Adam