Nothing drastic will happen or change, because it’s not users who will be leaving the site, but moderators, and still only a tiny fraction of moderators. Majority of subs will be exactly as they were a month ago. They would be leaving for lack of better moderation tools and API which lemmy also doesn’t have, so it’s not a real alternative to migrate to.
The only thing that would make users start moving would be complete lack of moderation of top100 subreddits, which we know won’t happen because if one mod leaves, there always will be someone who will be happy and enthusiastic to be granted the dfake internet respect for being a mod of a major subreddit.
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