It actually improved a lot. There are a lot of pretty decent multiplatform libraries out there. I've developed a few myself. It's pretty easy and straightforward. You are right that the tools were a bit rough a year ago. But they worked. I've been developing kotlin-js and multiplatform stuff since 2020. Definitely very cutting edge back then and not for the faint hearted. But our bet worked out and we now have a nice thriving business and a maintainable code base.
In fairness, KMM and KMP are still in beta and the compiler has been in the process of being overhauled. That's a process that is nearly completed but it is still ongoing. Having used the new k2 compiler with kotlin-js, it's a big upgrade in terms of performance. I expect a lot of stuff to start stabilizing post Kotlin 2.0, which should be out in later winter/spring next year. 1.9.10 is the current release. 1.9.20betas are already out. There might be a .30 but the release after that is basically 2.0. 3-6 months out basically if Jetbrains sticks to their normal release schedule.
IOS support in Compose Multiplatform is alpha quality. You shouldn't use it for anything important. But when it is done, you can expect to be able to develop applications with one code base that run nicely on Android, IOS, the web, or on desktops.
Compose web is actually targeting the new wasm compiler. Which of course is also alpha. That's an interesting one because it uses the WASM standardize GC facilities. That's currently out in browsers already but hidden behind feature flags. Which are very likely to come off soonish.
Give it a year or two. Too early to write it off now when it is basically all early access and alpha/beta quality. IMHO, there is some good tech coming together there.