I think Matrix as a protocol has been pretty ineffective, as their top priority seems to be keeping data permanent and duplicated. Both performance and privacy are at the bottom of their priority list. The one good thing I can say about it is that encryption of message contents is enabled by default in conversations and available in groups, but that's about it - nothing else is, or can be, encrypted. In other words,…
However, work is ongoing to improve the situation; more importantly, Matrix is a different threat model (in my opinion), and allows for different trade-offs.
When I use Signal, I have to trust Signal's servers and their admin team. With Matrix, we get to keep trust circles smaller (friends and family on smaller servers, where we already trust the people running them). We have no hard requirement to federate either - if I want something just for people I know, we leak less data than Signal does to the outside world. We also get to host Matrix servers in areas we're comfortable with, whether that's our living room, or any nation that isn't America.
Matrix isn't perfect, but I appreciate how quickly they're improving, and the areas they're focusing on.