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It's probably the closest thing to reddit right now (even down to the shitposting memes unfortunately) but I wouldn't say it has the same feel quite yet. I still find the distributed nature confusing (am I in the lemmy.world's technology community, or lemmy.ml's? How do I get to beehaws instance?) and navigating between instances is a chore. I realize though that situation is very fluid and if users can get over the hump and start investing into their communities and lemmy as a technology it can get better.
Also I rely on mobile apps to navigate the majority of the time. There are some decent ones out there now, like Connect for Android. But it definitely is still buggy, and is not as fluid as my experience with Relay for reddit. But again, nothing that can't be fixed.
Some of my favorite subreddits still hasn't shown up yet as communities in any of the major lemmy instances, and I honestly feel it's going to take a very long time for that to happen for some of the more niche ones. The user base I honestly believe will never reach even close to reddit's numbers.
So in a nutshell, good promise, closest thing to reddit, but still has a long way to go.
I'm going through the same thing with Lemmy. Can be confusing knowing what instance you're in especially if scrolling through it by the "all" filter. I'm enjoying the experience of something new, but it misses the magic of Reddit in the past, as the niche subs just aren't there yet. I'm still finding that daily need to go on Reddit to check my favourite subs as there is nothing to replace them yet.
Lemmy is definitely showing promise but it's early days!
Beehaw defederated with basically every instance that has open signups, so you might not be able to see them.