This is the way. As a bit of a Reddit-addict I hope Lemmy (and perhaps other interoperable projects one day?) will take off. Centralized social media sites appear to be doomed to inevitable self-destruction. Protocols can survive.
Like Mastodon and other ActivityPub applications however, it is the Federated nature which IMO still needs some work. Not being able to easily browse remote communities, posts, scores, comments, etc. from the comfort of my home instance (which will also be the only portal to the federated world visible to mobile applications) is a problem. On Mastodon I often don't see all replies, and likewise on Lemmy I don't see any comments to this post yet.
I hope ActivityPub apps figure out a way to better synchronize remote and local state so users won't keep seeing incomplete/fragmented views of Fedi content.