Afaik, whenever an Activitypub instance has defederated from another it has always had to do with some combination of bad user behavior, poor moderation, and/or spam. Are the various instance admins who have decided to preemptively block threads.net simply convinced that these traits will be inevitable with it? Is it more of a symbolic move, because we all hate Meta? Or is the idea to just maintain a barrier (albeit a porous one) between us and the part of the Internet inhabited by our chuddy relatives?
(For my part, I’m working on setting up my own Lemmy and/or Pixelfed instance(s) and I do not currently intend to defederate.)
Even now, All/Federated is just way too overwhelming to be of much use.
Depending on how big your instance is, Local is still viable. And Meta won’t change your Local feed at all.