If you are not the original song writer and publisher, you are only making mechanicals, and they have always sucked.
They sucked before there even was such a thing as a streaming service. I have gotten so many checks worth less than the stamp on the envelope to mail it.
Unless you hit the lottery and get some sort of label deal - any real money to be made is in performing, not recording. You can make a living as a player and never see the inside of a studio...I worked my way through college playing in the house band at a club. What recording I was doing at the time never amounted to much for me, but some guys I played with back then later got signed and had brief careers, probably made about as much as they might have as an insurance agent or realtor, but without the career longevity.