the the Usenet server doesn’t matter at all like a Fedverse server does.
this is totally not the case. your usenet server mattered a lot and some people would even pay to subscribe to servers in addition to what was provided by their ISP to access all the content they were interested in.
usenet was a federated forum where messages were exchanged between servers with relationships with each other. Sometimes there would be no server connection between you and another user. So you would see replies directed at a person but you would never see their posts directly. The situation could be mutual, or not. Some servers would send messages to anyone who asked but only pick up from their chosen sources. IME the more physically remote someone was, the more likely there would be hiccups in communication.
also servers would pick and choose what groups they would even pick up. it was a whole thing.
On usenet there was no one central "truth" or baseline. Everyone was always working with pieces.
You are correct but since 99.99% of people do not know what usenet is, it would be a pointless analogy. :) To be more specific than federation being like usenet: usenet was/is federated.
A couple years ago I was telling a 20something about usenet and I started to explain it the same way I always have: "It's like an email discussion list---" but I was interrupted for a question: "what's an email discussion list?" And this was a person who would describe themselves as geeky and good with computers. But has had no reason to interact with ancient techs like mailman. So first I had to explain what is an email list, which actually my friend thought sounded like a great idea. But having no experience of it, the ways in which usenet is an improvement were slightly lost.