For now reddit seems fine (even though I feel a noticable deterioration of multiple communities). Though the important change is that alternatives have established themselves. Lemmy might not be big right now but from now on reddit has to be extra careful not to upset redditors. Every new step they take that worsens the experience will drive a new wave of users away from their site and now more of them will find communities elsewhere that have been established during the first exodus this year.

At the same time I’m unfortunately quite certain that the enshittification of reddit will continue as investors demand higher profits. So we will see more waves of redditors leaving. Such a migration in waves could also be observed with Twitter, after every new step that Elon took to ruin the site.