With BlueSky, it pretends to be similar, but the reality is that everything needs to go through their central server in order to be displayed on a timeline.

They have been saying that this is an implementation detail that will change when they open up that part of their implementation. Which is nice, but until that happens I'm only lukewarm in my optimism for Bluesky and the AT protocol.

On the other hand, every federated network has converged on a central host for the vast majority of accounts and data. That host has outsized influence over the standard used on the network and unencrypted acess to the majority of data. So I'm not sure what really matters to what extent.