Yes, that's exactly how it will work, see the screenshot below. Magazines will appear as groups if you follow them within Mastodon, with posts looking just like Mastodon posts.
At the moment there is just too much traffic overwhelming the Kbin servers, which weren't expecting this amount of attention due to the Reddit implosion.
Once things calm down and the developers are able to get more development done, it should work the way you are suggesting.
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