In terms of total size, it absolutely has a long way to go. How it ends up remains to be seen.
Much of the conversation around it has been disingenuous, focusing on growth percentages as opposed to actual size. Once upon a time, the Parler and Truth Social apps were also at the top of the charts based on growth.
Grokipedia is at 6,092,140 articles, English Wikipedia has 7,141,148. So it's pretty close already after just four months.