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Disney allegedly lost 1.7 million customers after suspending Jimmy Kimmel. He was very quickly reinstated.
It's not that boycotts don't work, it's more that they require a critical mass to work and that can be hard to achieve.
edit: Holy shit disney just killed hulu.
What people boycott matters. So many products/services are effectively monopolized that only things people are willing to actually go without can effectively be boycotted.
It worked with Jimmy Kimmel because there's neither a substitute entertainer that will satisfy cancelers nor is there an alternate disney owned streaming service -which didn't remove kimmel- they can funnel said canceler's to.
https://www.webfx.com/blog/internet/the-6-companies-that-own-almost-all-media-infographic/
Also because Colbert previously was cancelled and that was already upsetting to many people. If Colbert wasn't cancelled already We might not have seen enough people care when Kimmel was suspended
And most of them patted themselves on the shoulders and reactivated their accounts.
In case of a country at war you need a lot more than a boycott.