Not at all. The issue with Bluesky's "federation" is, you can't really set it up at home, you need thousands of dollars and it's not really accessible.
Search up "Mastodon instances" and then "Bluesky instances" you see like thousands for Mastodon and only the official one for Bluesky. It's marketing gimmick for the mainstream normies who want to pretend they have freedom but in reality they're just jumping on the train with the billionaire who runs it.