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I deleted 16 years worth of my ‘content’ across 6 handles and moved to Lemmy/kbin. When I do go back to check on Reddit, it’s easy to see that many of the better contributors are gone, the quality of comments and posts, as well as the voting on posts, has greatly diminished. Some subs barely have anything in their ‘new’ queues.
It most likely triple counts users like me. I have a Mastodon, kbin, and Lemmy account, (all under the same username), but those would be counted as 3 Fediverse accounts. I think the metrics to look at are posts and comments.