However, being an affiliate where the barrier to entry is higher, i.e. media buyers, the outlook is going to be much different.
Yep. When you have bigger bankroll, you are definitely no longer competing against thousands of noobs who are burning through the last $100 on their last un-maxed-out credit card.
But think about this scenario.
You can either make a media buy and drive traffic to the offer (directly or indirectly).
Or you can make the same buy and drive traffic to your own project. And that project's main purpose should be building up and retaining audience. So that one day, aside from selling to them over and over, you'll also have others making media buys from you.
That's an example of trying to gain control of the audience. And I think that ultimately, that's a better business model.
Of course, you won't be able to recover your money right away. But that's just what makes the entry barrier even higher for anyone who wants to do the same exact thing.
It elevates you one step higher.
So if you made it to the point of having spare cash, then invest it in building your own brand instead of promoting brands of others.
Once you control the audience, you can make a lot of things happen.