I believe that’s the case, yes. So Kbin/Lemmy.world, etc. still receive the content posted on beehaw, however beehaw doesn’t receive the content posted on Kbin/Lemmy.world. I guess this also makes it so that if anyone were to comment on this thread from another instance, we wouldn’t see their comments (unless they’re from beehaw or another instance that beehaw has federation enabled with)
edit: It seems that I was wrong, as clarified by @vaguerant below. Federation between kbin and beehaw is still active.