Yep, and if Threads is enforcing the same TOS as Instagram, there’s no way that Meta is going to open the doors to the fediverse in general. I expect that when Meta does enable federation, it will be with a small number of vetted servers that agree to follow their TOS as well.
I understand people’s concerns with Threads, and don’t want to touch it with a ten foot pole myself, but a lot of the reaction posts are sensationalized.