Nah. Lemmy is a software. Reddit is an entity. They could try to ban specific Lemmy servers. They've tried to go after torrent tracker sites with little to no success. This wouldn't be any different.
I think it's illuminating and hilarious that they're actually going through with this though. I've long made the statement that capitalists and Leninist are kissing cousins on all the worst possible fronts. And here's another data point.