V2 is somewhat unnecessary if you're mining to your own node, which is the intend use case

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Though, I would get super irregular payouts when mining to my own node as a small miner without V2 right?

You'd have to find a whole block. V2 doesn't change the ability of the pool to censor transactions

Apparently V2 allows miners to generate their own custom block templates from transactions out of their own node's mempool:

https://stratumprotocol.org/docs/#template-providers

Perhaps I'm misunderstanding something though. My interpretation is that the pools pay for hash-rate (ie. distribute the reward) as long as the miners are working on valid blocks irrespective of who generates the valid block template.