I think it does too, but the problem with nostalgia is that you forget about all the shitty parts and just remember the good bits. Tumblr is still owned by big tech oligarchs even if it is smaller than the other platforms, and is still vulnerable to the kind of enshittification that the fediverse is more insulated against. Enshittification actually came for Tumblr long ago but it looks positively tame in comparison with other platforms.