Not even close if we're talking about current users or active contributers. After they shut down third party apps and sided with advertisers over mods there was a huge migration off platform to several other platforms. Many smaller subreddits are ghost towns and the biggest ones that are still active have a smaller participating community, less total votes, and changing norms.
It's not just eternal September, it's the same thing that happened when digg died in reverse where communities grew and changed because people were joining. Users are adding site:reddit.com or whatever to Google searches because of SEO general searches are an advertising dumpster fire, but those search results are going to degrade over time along with the site's quality if they continue to make such shitty decisions for communities and users or people move to other ai based search tools.