Microsoft is currently testing a new feature on Edge for Android (via the Canary version), which is the ability to block video ads.
Through this feature, it will prevent the display of video ads on a number of sites, including YouTube. This feature is still experimental, and needs to be accessed via edge://flags/ manually for now.
For information, Edge previously had an ad blocking feature powered by Adblock Plus, and this is seen to further expand that feature to also cover the blocking of ad videos.
For now, it is still in the experimental testing stage. It is likely that, if offered to the public, it will remain optional, and will need to be manually activated by users.
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