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I'm gonna say yes, for the exercise.
Four assumptions:
If these assumptions are met, given infinite rounds of enshittification and unhappy users, eventually a federated and free alternative will be the most lucrative option for the majority of users. Eventually Reddit will Digg itself a hole. Maybe Lemmy won't take over then, but it'll stick around.
The most unrealistic assumption is of course that the federated solutions will keep getting better indefinitely. Maybe they won't. But as long as people keep developing and contributing to the Fediverse, it's alive and improving in a way commercial alternatives cannot in the long run compete with.
If the API fiasco hasn't really deterred enough Reddit users to convert, then almost nothing will. Except maybe when Spez gets around to monetizing NSFW subreddits and subreddits in general that are very large. But even then, I still say it won't be a giant deal. They'll come here but they'll want the Fediverse to strongly appeal to NSFW content and really the Fediverse is fine without it poisoning itself with that filth.
Wait until they kill old.reddit