It works if you have a large enough fan base. But you will still undoubtedly alienate a portion of that fan base due to the fact you are effectively "begging" for money.
People are quick to forget these numbers associated with just my channel:
Editing rig: 1500 (just the rig, still using an old monitor)
Editing software: 500 (I really want the adobe suite... at the tone of 2+ grand)
Cameras and peripherals: 800
And that does not count external HDD's and a bunch of other stuff. And... the inevitable replacements down the line. Running a channel isn't cheap. And if you run it as a sole source of income? Those high ticket items are going to hurt. If you check Jake's socialblade you'll find he makes anywhere from $495 to $7.9K a month which puts him in a $5.9K - $95K range for a year. In my experience you are closer to the low end than the high. For me it's a hobby, and it will undoubtedly stay that way. Either way I am having a blast.
So Patreon? Sure, why not. But be prepared for "beggar" comments and a loss of subscribers. Not that you want those shallow people on your channel anyway. Because if they thought long and hard about it before spewing their undoubtedly profanity laden comments they'd come to the same conclusion I just did. Shit's expensive, and if you can solicit help you should.