Nope, it also recommends streams based on what other people watch from the channels you’re following, it’s not only based on your viewing data. Other aggregates like generally what’s popular might get thrown into the mix as well.
To test this create a fresh account, follow Asmongold & let his streams run for a while, after some time the recommendations are going to be full of booby streams.
It’s kind of a running joke at this point that if you watch him you’re going to get booby stream recommendations because his viewers are degens.