Yes it is. They can silence your account at any time on BlueSky.

Protocol wise? No, more like mastodon but more modern.

It has account portability but instead of manual migration like Mastodon you can change de handle to point to a less restrictive PDR.

Biggest issue is that there's not that many app alternatives as the protocol is relatively new and people were more obsessed with joining the app than the infrastructure which is where the AT protocol shines.

Between the two?:

If you want censorship resistance now: Self-host a Mastodon instance (more mature).

If you want future-proof decentralization: Experiment with BlueSky PDR self-hosting (but expect hurdles).

Here are some othe PDRs to try:

bsky.uno

bsky.gg

bsky.jazco.dev

atproto.blue