Just to make sure it's not Chrome, try watching the same videos in a different browser (Edge, Firefox, Safari, Opera, etc.). If your CPU usage doesn't spike as much, the problem is Chrome.
If it does still spike, try watching at a lower resolution. Video watching isn't like gameplay; the integrated graphics on your CPU might struggle with most games, but has no trouble putting out a steady 1080p/60Hz video signal (pre-recorded or live streaming), because it's not having to render it. However, the bandwidth is much greater on a 1080p video than for a 720p (over twice as much), let alone a 480p (5 times)...& processing that bandwidth is handled by the CPU.
Again, if dropping down to a lower resolution drops your CPU utilization, then your PC is working fine, it's just having to process a lot more data for the YouTube videos than it does for web surfing.
If dropping the resolution still doesn't fix the problem, there might be something else going on. But try these steps first.