I just checked a couple old subs I used to visit. And the stats are very dramatic in the drop of actual content. So i tried to actually go to reddit to check. Something I haven't done since opening my Lemmy account 7 moths ago. Somewhat surprisingly to me the stats actually seemed to reflect reality. One of the subs hadn't had any activity for 5 months!! And it used to be reasonably active for a niche sub, with new content every day.

I also tried to look at the most popular non controversial sub I could think of. Which is r/funny by subscribers, and indeed it's ranked #1 since 2019, and that too had a dramatic drop in activity. https://subredditstats.com/r/funny
From these stats, it really seems like reddit is dying, it's going about as bad as some of the worst plausible predictions 7 months ago!
The most notable thing IMO is that content doesn't seem to be picking up again, but rather the decline continues.