Hi, thanks. I think it should work. I did it the other way around 3/4 days ago by going through the App>settings>reset app. And once you just cannot access the app then it can be done the way you have mentioned.
For my problem specifically, I have an update: I have noticed if I do not cast anything through my iPhone the YT app stays okay. Last time I reset the app was on Sunday night and since then no error loading of the app whereas, as soon as I had done the first factory reset I linked my phone and started to cast through it and that "report this id"error started to popping-up and eventually I ended up performing the 2nd factory reset. So, I guess unless I buy a chromecast I'd live without cast which is heartbreaking.
So, in general, the work around to the problem I think is now either going to the internet browser and delete all the cookies or resetting the app using the reset app button. Quite shocking to see even the Samsung smart app hub and Android bravia's also have this particular app problem.