Comment levels are back to normal. But those creating the posts, initiating engagement are down and it will probably become worse once the API changes are in effect.

Subreddits are dark and posts will disappear from the Google Index reducing traffic to the site. Many big subs, as r/formula1 or r/apple to name a few, are dark indefinitely.

Moderators, those who keep the platform more or less peaceful, are sick of it - as you can see in the blackout rates.

The casual normie or lurker will see a drop in content, the site will gradually or exponentially loose its top value users and become a Facebook.

Or not. We'll know in a few months to come, the internet is a fast paced place.