Far from it. They have great recent user growth and everybody is appending “Reddit” to the end of their google searches in the quest for non-gamed search results
It's not a sustainable position though. Advertisers aren't idiots, the market will adjust as it makes sense to adjust. You already have bot accounts flooding certain keywords on reddit with product placement. If everyone ends up on reddit, that's where the SEO spam crap you see today will follow them. If everyones on twitter, it goes there. If everyone goes to mastodon, so be it, there be the bots. It almost doesn't matter what the service is exactly, once it hits a critical mass it gets enshittified just because of the business opportunity it presents.
Primarily because google has become completely useless. I get more accurate search results with Yandex, Brave, and bing, in that order. That’s how bad it is. And I hate Yandex. They’re always making me do captcha challenges.