Almost! At the time of this post, lemmy.world has a whopping 25733 users and is growing fast.
Since my last post yesterday, it has added 4000 new users, making it the clear second-largest lemmy instance out there. Also quickly catching up to lemmy.ml's 36000 (not taking new signups).
beehaw.org (3rd largest) sits at 12500 users, partly because of more restrictive registration requirements.
Im pretty sure that Lemmy, even if it doesn't grow to eclipse Reddit, will have a nice little following of its own that makes it a suitable substitution