Yes. When you "whitelist" your channel, it prevents Catapult from monetization any sound recordings on that channel (The assumption is that you are monetizing your channel on your own). Catapult will still be able to monetize videos in YouTube that are not a part of your own YouTube channel.
Please contact Catapult Support via your dashboard to request a specific channel to whitelist. Please note, we will only allow up to 5 channels to be whitelisted.