Sortof. They have similar clauses, but the YouTube TOS (similar to other services like Dropbox, Flicker, etc.) gives them a "worldwide, non-exclusive, royalty-free ... transferable license" to provide the service. Legally, you need a "license" for somebody's content in order to access it and generate a thumbnail.

This change in Instagram's TOS is different:

    Some or all of the Service may be supported by advertising 
    revenue. To help us deliver interesting paid or sponsored 
    content or promotions, you agree that a business or other 
    entity may pay us to display your username, likeness, photos 
    (along with any associated metadata), and/or actions you take, 
    in connection with paid or sponsored content or promotions, 
    without any compensation to you

Note, this is essentially what Facebook does when you "like" a company's page.