Not my experience and it's still a fun and lively place to interact. Musk has opened things up compared to the previous regime, which has certainly caused some angst among a lot of users, but I expect the fuss will settle down after a while and business as usual will resume.
I'm on Bluesky, though, so I'll hedge my bets
If that is your experience then keep using X in the same way that you are. Many people who have left don't understand the way the algorithms work. If they keep interacting with posts they don't like, whether it's quoting them or commenting on them, then the X computers thinks that is the content they enjoy seeing, and so will continue to show them more of the same. They need to share more posts that they do like, from people they want to see more of, and it will clean their "For You" feed within a day or so. I also Block people who post lies and misinformation, and then you'll never see them again. These will not stop the adverts, which have increased, but I generally use my own Lists, and Lists from others, that give you a curated feed from only those people. I've done that for many years setting up lists on different subjects, but it appears that few other people use X that way. Surprisingly, there are currently no adverts when you read a List.
However, I also like to 'take a walk on the wild side' sometimes, and often look at "what's trending" and it is that more general feed that I'm saying has deteriorated. The much publicised removal of the Block would mean that I'd see all those Blocked accounts once again which I can't face. A merge with Truth Social would be even worse in my opinion.
The are also political aspects and political reasons for people leaving. Issues with the owner's behaviour. I can't and won't comment on those, but I think they are very unlikely "to settle down after a while and business as usual will resume."
I've only lost about 1,500 followers in a week which isn't that bad really. The rate of leaving has slowed down. So, I'm staying for now with the account I manage, but have deleted my personal account as I never used it much. It seems that many bots went away last week too, which is good. Many people say that they intend to leave on 19th Jan 2025, so I'll see what happens then. I don't think I'll move to BlueSky as I'd rather spend less time on social media anyway.
Not everyone is having a good experience on BlueSky. Hannah Bourne-Taylor who wrote
Fledgling and has a petition to have Swift boxes fitted to every new-build house tried to join and she immediately found that her "whole profile has been slapped with a content warning." Does the blue sky not like birds?