With no alternative i think Reddit will be fine in this storm. I see many posts on Kbin/Lemmy discussing Reddit addiction, how they can leave it, etc, and those are niche people. The majority of Reddit users i suspect won't even know anything is wrong in a week. I suspect at worst Reddit will start suffering from lack of mods, but that's a solvable problem. Especially with IPO coming, they've got incentive to solve it in a way that they control with an iron fist.
Regardless this event, similar to Twitter with Mastodon, has brought a large number of "new normals" to Kbin, Lemmy, etc. I myself am looking far closer at ActivityPub, working on my own implementation that iterops with the existing ecosystem.
I actually think this will be quite good for the "fediverse". If not from massive direct usage, it will highlight scaling woes with the protocol, etc. Hopefully the next time this happens the Fediverse can be in a more mature position to leave CEOs like Spez feeling less invincible.