For now, it's the most viable alternative for Twitter - for now.
But this is in part because Mastodon UX is very complicated for beginners, and BlueSky is slow as hell to make improvements. It still doesn't support sending videos...
I'm really curious as to what will happen when Threads turns on ActivityPub federation for everyone. At that point, Threads and Mastodon will be the same network, aside from servers that have preemptively blocked Threads.