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Google is intentionally throttling YouTube videos, slowing down users with ad blockers
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I'm pretty sure that it defaults to best quality.
goes looking at man page
So I think that it should normally pull down the best audio unless you get into some situation where YouTube doesn't offer a format that simultaneously has the combination of highest audio quality with the highest video quality; if it has to do so to get the highest video quality then, it'll sacrifice audio quality.
EDIT: Hmm. I could have sworn that there was more text about prioritizing relative audio and video quality at one point in the man page, but I don't see anything there now. Maybe it can just always get the best audio quality, regardless of video quality, can pull 'em entirely separately.