It is meaningful if you measure Q1 2020 vs Q1 2021. You’ve got a bit confused as to what YOY is, you’re not just measuring two random quarters from different years (q1 2022 vs q2 2023?), you’re comparing against the performance in the same quarter the previous year.
It is a very meaningful way of judging whether a companies performance (ability to turn a profit and create value for the investor) has improved against the same period the previous year.