Yes, it does. It will keep suffering from the same issues as long as it encourages microblogging, and there are public upvotes and likes, and you can post links on Lemmy with a single-sentence summary that people can react to without reading the link. The Fediverse social media is built on the exact same premises as for-profit social media.

What has been done on the Fediverse is taking these systems and making them less addictive. Basically, they have all the problems of for-profit social media, but for-profit social media snowballs these problems and puts them at the core of their business model. The issue without the several layers of « making it worse because money » is not nearly as bad. But I do believe it's a « lesser evil » thing, at least for our brains and ability to interact with people.