You can always voluntarily demonetize and say anything you want (that fit legal bounds and are within the terms of service).
Google is a de-facto monopoly on search and video dissemination. So I think there's a reasonable argument to be made if Google impacts search results based on 'objectionable' content. But when their clients - advertisers - say, 'I don't want to pay to see my ad on that channel / content', it doesn't matter if it's hate speech or football talk. The whole point is to target ads at likely buyers. And maybe Pepsi marketing has determined the neo-nazi market isn't worth the trouble. In which case, they get to make that call. And if Google can't meet that customer need, maybe it makes sense for Pepsi to give Google the finger and yank their ads.
I mean, we used to call that a 'free market'. But when you see alt-right wingers whining on about their losing their free speech rights on a corporate platform they don't own, it seems these days things are topsy-turvy. You know, up is down, black is white, left is right.