That's how I see it, too.
The debate around blocking Threads hinges on the question of "is it possible to have both?"; @evan wrote up a great summary of the trade offs: https://evanp.me/2023/12/26/big-fedi-small-fedi/
From my perspective, we don't have a choice. We have to be part of the world, connecting with everyone AND build safe spaces. We all lose if we fail to do both.