Yes and no. Yes, there is no Fediverse-wide admin to moderate content since everything is decentralized, but instances and their subcommunities do, and each one is free implement their own rules. We’re on Beehaw, which is pretty strongly committed to fostering a community with a positive culture and tone, and while there is a good amount of leeway for free discussion (from what I’ve seen in just 2 weeks here), I imagine getting too vocal about wishing that kind of thing might get attention from the Beehaw mods at some point.
Not that I don’t fully understand your emotions.
A dizzying number of notable people and people in my personal life have hopped onto Threads, day 1. The “fuck Elon / Twitter” sentiment and generally good vibes to this point mirror the experience I had here when I hopped onto Beehaw and we also had similar optimism and a “fuck u/spez” sentiment. But the major difference I see is this — for the sake of sticking it to Elon these folks are getting themselves even further entangled in Zuck’s world, and we’ve already seen the monsters that emerge from that muck.
Any social network that builds up a massive, general userbase inevitably enshittifies as the marketers / advertisers / influencers and otherwise self-promoters get their content boosted. With its extremely close ties to Instagram, those sorts of users will be ramped up on Threads in no time, and this period of positivity with fade in turn as that content starts getting vomited out and funneled to everyone.
The independent Fediverse is not without its faults, but I’m much more comfortable building community within this coalition of a space than in any of Meta’s creations.