Depends on your perspective. Would it be fine for Meta Threads to replace it? Threads supports ActivityPub, so in some ways it likely interacts better with the fediverse.
If we agree that Threads isn’t a suitable replacement, then clearly there’s some criteria a replacement should meet. A lot of the things that make Threads unpalatable are also true of Bluesky, particularly if your concern relates to the platform being under the control of a corporation.
On the other hand, from the perspective of “Twitter 2.0 is now a toxic, alt-right cesspool where productive conversations can’t be had,” then both Threads and Bluesky are huge improvements.
What else have you tried?