I found a workaround for this in the meanwhile, at least for downloading videos. Use Seal Video Downloaded from Fdroid, it is essentially a yt-dlp frontend for Android. Once downloaded, you can simply long hold the video on NewPipe and then share the link with the Seal app. This will allow you to quick download the video and watch it using a video player like MPV.

It's nice because you can even pass it custom command line flags like the sponsor block flag:

--sponsorblock-remove all

Until Newpipe fixes their issue, this has been a good workaround.