The operation you're doing applies to your entire database. That table does not belong to CBSubs so no it won't create it for you. That table belongs to AcyMailing and I do not recommend deleting tables for extensions you are using.

If you aren't using AcyMailing then you can just delete that table otherwise that table is using 255 length for a lot of columns that it doesn't need to and is why it's hitting row size limits. I suggest editing _acymailing_geolocation table and adjusting the lengths to the following columns.

geolocation_type = 100
geolocation_ip = 100
geolocation_postal_code = 50
geolocation_country_code = 50
geolocation_state_code = 50
geolocation_timezone = 50

That's the best I can suggest and is probably still higher length than needed, but I don't know the exact data being stored so that's best I can suggest.

I did try to install in spite of the phpMyAdmin error and did receive the same error as before the collation change:

That's because the collation change failed due to the error you're seeing.