It is a fair position in the sense that it's technically within their legal rights to do whatever the fuck they want, but it is a feeble sham compared to the full and well-behaved fedi interoperability they should've had from the start since that was how it was sold from to their users from the beginning.
If they some day get there, I would still be open to considering federating with it. For now "it’s an ongoing process" as they carefully tweak things to find out how far they can go with the strictly limited access to the outside world they allow, while still keeping all their users captive.
If you were a threads user, you'd be unable to reply to this even if you did somehow see it. I welcome any of them to do so and prove me wrong.