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Not every underperforming video is actually a failure. Sometimes, a topic simply has a smaller audience than a you'd expect. That's not a flaw on the video.
Deleting is rarely the answer. A better first step is to update the title, description, and thumbnail to reflect what the video actually offers and who it's for. Repackaging an old video is often faster than producing a new one, and it keeps the original performance history intact.
There does come a point where you feel like the videos that once fit the channel no longer matches its current direction. For example, you've moved away from your cooking videos to baking videos. There will still be people who've watched your cooking videos and will come back to it, and they might be converted to your baking videos. But if you delete your cooking videos, you'll cut off your connection with your viewers.
If the video genuinely doesn't belong on the channel anymore, unlisting is the safer middle ground. It removes the video from public view without erasing its history or disconnecting it from your channel's data.
Now, if you decided you want to switch to a whole different topic, say going from cooking to teaching math... you might fare better making a new channel.