YES and NO.
It depends on if you can get enough interest for the topic (number of visitors) but also the market. I have a site
www.whatconsole.co.uk that gets a lot of traffic but no one ever clicks on the ads and it makes peanuts (literally) about $0.20 CPM
But also I have sites with other content that do much better $1.00 CPM and I know finance sites have a MUCH higher CPM.
Affiliate sites rarely work but if they do I have again seen much higher rates.
The money in advertising is still with the agencies and for that you need a top site with a brand name. Then sites like ebay/datingdirect will give you £10/$20 per registration.