How silly of me! I guess I was hoping for both, somehow. A kind of fever dream where adding site:threads.fediverse.instagram.com to searches works for finding useful human generated content..
FWIW, I feel like that's the next step: there is a natural mapping from Twitter's data model to reddit's and Meta already has experience handing over the moderation keys to sub-communities from Groups on Facebook; that will also make the existence of this separate app really become powerful.