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I’m going to trust Eugen’s take on the subject far more than some doom and gloom post. At least for now.
https://blog.joinmastodon.org/2023/07/what-to-know-about-threads/
The whole point of EEE is to leave the original project in a messy state. With most of the fediverse userbase being "Meta Threads" users, developing anything for other fediverse software or making it somehow incompatible with Threads is not a (good) option. With a decent chunk of software and side projects being only compatible with the Threads "extended" (and likely undocumented) version of ActivityPub, Meta still has the ability to pull the plug on all of those. A lot of Mastodon users will become used to having interactions with friends on Threads, and will be forced to switch over by the time Meta kills federation.
It's not just "a doom and gloom post", it's a valid concern that the communities and environments built up over years will get killed off, with a known strategy for doing so. Why else would Meta (Facebook) suddenly play nice with federated platforms, when their history is to buy out or kill off competitors?
I definitely get the concern, but I just don’t think it’s going to be as dire as some are predicting.
For me, I’ve built up an OK following on Masto with people I already like to talk to. So if Threads comes along, federates, and then pulls the plug later on, I’ll just be back to where I am now. Even if Meta adds to ActivityPub that doesn’t necessarily mean things that currently work are removed so apps should still be able to function as they do now. At least to my understanding.
And I’m no Meta apologist. I deleted Facebook at least five or six years ago because it increasingly felt terrible to use. And I’ve never had an Instagram account. But, personally, I’m OK to wait and see how this plays out instead of writing it off entirely from the start.