No.
But I mean that in a nice way. Here's why...
My understanding (limited, to be fair), is that a large percentage (most?) users have a matrix.org account instead of an account somewhere else. By definition, this is not federation. Certainly riot.im users get that by default.
Let's look at a different example - email. What if the inventors of email created email.org and created accounts on it. Everyone would also ask "where's the federation?". What ultimately made email really useful (note the use of the word "really"), was the ability to reach people outside your organization. So you could email back and forth to stanford.edu, ibm.com, usna.mil, and even aol.com.
What is difficult (today), is for me to go to google or yahoo, or microsoft, or stanford and get an account. Yes, there is this [0] but only one provider is on the page. Further, according to that provider [1] it's only a sub-domain, not my domain. It's a start, but also a version behind from the looks of things, so therefore not truly ready.
If any of this is wrong, and I can sign up with a reliable hosting to have server.mydomain.com, I'd sign up. I don't have the time to manage updates & server security, and a reliable provider would allow me to run my own instance.
[0] - https://matrix.org/docs/projects/hosting
[1] - https://www.modular.im/