If it is experimental it doesn't allow to create small, redistributable binaries, but allows to hope it will create such binaries.
Though it is quite a progress after years of insisting that this additional package PackageCompiler.jl is all you need.
Honest take: yes, it's not ready. When I tried it, the generated binary crashed.
For what it's worth, I am able to generate a non-small (>1 GiB) binary with 1.11 that runs on other people's machines. Not shipping in production, but it could be if you're willing to put in the effort. So in a sense, PackageCompiler.jl is all you need. ;)