Most major subreddits show a decrease of between 50 and 90 percent in average daily posts and comments, when compared to a year ago. This suggests the problem is way fewer users, not the same number of users browsing less. The huge and universal dropoff also suggests that people left, either because of the changes or the protests, and they aren’t coming back.
I'd say it goes deeper than that. the lack of a proper mobile app has definitely decreased my presence on reddit. but there's more.
i do visit some 'niche' subreddits about once a day from my desktop (hurrah for old.reddit), and i once went to popular+hot -- it was utter rubbish. being here and on mastodon has opened my eyes on how severely the general content on reddit has deteriorated.
I browse all all the time here, but even then there's not a lot of content. Maybe it's better like this, but I still scroll a lot in the hope to find new content to stimulate my brain