Reddit has pockets of sanity, but as a whole it is insane. The same is true of Instagram, TikTok, X, etc.
If Hacker News doesn't improve its moderation (especially of fascist propaganda) I do think it should go the same way. HN openly flaunts the fact that it only follows American law - e.g. the fact that it completely ignores GDPR. It wouldn't happen until HN got big enough to make some politician pay attention though, and HN is kept relatively small by design.