Ask Lemmy
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If we're perfectly honest - No.
Reddit has over 53 some odd million users. Million with an M. Lemmy has gained, at most, upwards of just thousands. To call it a 'mass exodus' is really overselling it.
It's going to take a fairly long time, for Lemmy to even scratch 100k even. I'm on both Reddit and Lemmy. Lemmy, for a more positive experience. Reddit, because the numbers are just there.
This crisis has given Lemmy enough users to be a vibrant, viable alternative with the software and apps undergoing rapid development. This means the next time that reddit tries to pull some shit, there will be somewhere for people to go, unlike this time. Lemmy just wasn't really ready for prime time.
I think you are correct. Lemmy is really just gearing up at the moment, but can't handle the volume to compete with reddit.
The increase of instances, user guides, communities and third party apps are necessary building stones of a federated reddit alternative of size.
God can you imagine the shit show if millions had tried to come at once this last time? We'd accidently ddos the fediverse to the stone age.
Don't forget the censorship of the power mods. That's going to be fun here. Already you have swiss cheese in content depending on how tight your mods sphincter is.