For instance, YouTube Premium charges 12€ in my home country. However, where I’m staying now they would charge less than 3€.
So, if I would like to take advantage of this, I assume I’d need to create a new Google/YT account, which would mean I’d lose all subs, playlists etc that I’ve created?
Or am I missing something here?
You do not have to create a new account and lose subscriptions. When I moved countries for half a year, I had to change my Google Pay address. I seem to r3member needing to cancel every single one of my subscriptions on that service, then re-sign up with them after changing my address. I may have forgot to change my address back, so I am still paying for a Youtube Premium family plan in Filipino pesos.