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I really don't think so. The vast majority of internet users just stick with whatever simple thing that serves their need. Lemmy isn't the most difficult thing, but if reddit already exists and is more popular then people won't be leaving that for this if they haven't already.
The boost in people coming here last year was a "last straw" kind of deal from people using reddit who cared enough about not supporting their shit decisions, but by now that has died down and we've seen from recent articles that reddit "won" and they have a metric fuckton of users.
Things need to be really bad at Reddit before most people would consider leaving. On the other hand, Lemmy would need to be amazingly good to produce the same effect. Neither of these have happened yet, so only few people migrated.
I think the only thing that would 100% kill Reddit is a paid subscription, anything other than that I don't see it.
TV has proven that people are willing to tolerate an amazing amount of ads too. I wonder if you could crank up the ads to posts ratio to something like 90% and still have enough users.
the place is infested with bots, and that's probably "winning" to them.