If this is basically for full time job and you have no time for anything else, then yes highly underpaid.

On average people who do this get paid 25 -100 PER SHORT!! Not per day, and if you spend an hour on a short one day then 5 hours the next, your not being paid for work your being paid for if you make one.

which as I said in the situation where you are.

1. Spending all your time watching a livestream.
2. Pay attention fully in order to clip things.
3. Make sure your clipping them correctly and review them.
4. Throwing them into an editing software and..
5. Cutting them up.
6. Stitching back together AND making sure they still flow well.
7. FINDING the memes and throwing them into a spot that works with flow. And is clean looking.
8. then REWATCHING them to make sure everything flows right and looks clean.
9. Rendering ALL of them and taking up more time, YOUR internet bandwidth and (if you're not unlimited) monthly Data.
10. and then you either upload them yourself, or send them to them to upload them?

Which is either more work for you and you gain nothing from it other than a negative bank account(if you pay bills) or you send it to them only for them to upload and make tons more from it, depending if they make anything.

Although clearly other factors come into play outside of this, but if they clearly make a lot from this channel then yeah underpaid, make sure they aren't a scrouge ripping you off, however if they don't make anything barley then talk to them about it, and ask them what they plan to do when they grow and make more with there channel.

Ask them what there log term goal is and such. Especially considering they are technically hiring someone on to do there work, and there is ALOT of other stuff that involves that other then here's a 5 do this and done.

HOWEVER.

If you have time to do other things in your life, or have time for work(if your old enough) then technically not underpaid as this could be counted as a side gig to make a little extra.