Not necessarily, however there are questions on compliance with the EU's Digital Markets Act which went into effect in May,. So the platform has been delayed until Meta determines or gets guidance from the EU to comply with the law.
The whole reason Threads was launched had everything to do with how Musk has been mismanaging Twitter over the past few months, and most especially the past week. This is why the platform is partly unfinished. Zucks took the opportunity to move up launch to capitalize on Twitter's mistakes.