Yes! Monetizing VEVO videos on YouTube works the exact same way as monetizing any other user-generated content on YouTube - they monetize via ads.
So, just like with any other video on YouTube, YouTube still relies on ISRC info to automatically claim VEVO videos that feature your music. And just like any other video on YouTube, the video still needs to meet YouTube's monetization requirements in order to get an ad placed on it.
Read more about the current monetization standards for YouTube here !