Yeah it definitely is, sign ups are still limited at the moment, I had to wait several days to get a confirmation email. The iOS app is only in beta at the moment so can only be downloaded from TestFlight. The main for you page currently seems to be just a chronological list of what people have uploaded so it’s hard to discover any content older than a day.
That being said none of those are really complaints, I went in knowing its not feature complete yet and I’m excited to see where it goes. I never used TikTok so I wasn’t looking for a replacement (and I’m in the UK so it’s not getting banned anyway)
There’s no federation at all yet but they’re planning on adding it at some point. I’m not sure to what extent it will work with Lemmy though. They go into more detail on the FAQ page: https://loops.video/help-center/federation
And yeah federation is kind of a double edged sword, I like the benefits it brings but it can make signing up a bit confusing, I doubt that’s the main thing stopping people from joining though