Its great, I'd argue its main downfall (lack of popularity) stems a lot from the fact they don't have any form of API like Wikipedia does. They can't even agree on a single logo. Otherwise its a great resource.
I could be wrong, but my impression is that there is less politics and less bias involved in defining words and and providing pronunciations and etymologies then there is an articles about history and politics and people.
I especially like Wiktionary from the point of view of exploring cognates between languages and etymologies that cross language boundaries, in a big dictionary that covers many languages all at once.
I have Aard2-Android installed on my phone, which is a foss dictionary app. They use wiktionary as sources for some dictionaries and I use the Malayalam, ml.wiktionary.org one.
It's quite accurate and very useful as it's offline(as I'm on 3G most of the time).
You can create your own dictionary files from Kiwix Zim files, using pyglossary. I was able to do it in GCollab.
More info: https://mander.xyz/comment/11249157