Many subs reopened but they're still protesting in very creative ways.
User traffic back to normal means people are now posting as much as before, it doesn't mean reddit itself is back to normal, unless you consider spamming Oliver pictures everywhere, literal steam on r/steam. all users "promoted" to mods, NSFW content where it shouldn't be, etc, as being "normal".
I'd be much more interested in knowing how all this is affecting ad revenues and investors opinions, but it seems this kind of info is really hard to find.
Are advertisers backing off for example, realizing that porn could pop up unexpectedly in subs they sell their ads in? Are investors realizing reddit is a very risky business, not only because users can protest any time, but also because they showed they can literally crash the entire platform?
Another dip in traffic will occur when apps stop working July 1st, after that I believe things will go slowly back to normal, "real" normal this time.
Many users are already migrating to alternatives, but I believe it will take quite a long time before the masses realize reddit is a sinking ship.