Everyone's experience will be different, but I will say that I have not received significant network effects traffic on Substack nor have I ever been tempted to click on suggested posts to others' content.
In short, I think that for the vast majority of casual posters, the aspirational upsides of joining a network are going to fall flat. Like with most aggregators, the popular things tend to be promoted more.
So, for me at least, if I'm going to get very low traffic, I'd prefer to get that very low traffic on my own website. It might be a pyrrhic victory but I sleep just a little better knowing that as one of the 1% that actually creates stuff, I did what little I could.
Same, every time I end up on a substack post, it's from an external source. Maybe there is a network effect on substack that makes it easier to get these external links, but I doubt most actual readers are coming from inside the substack ecosystem.