PeerTube the software is stable, yes and has features that YouTube actually lacks. However, PeerTube the software and the "videoverse" lack several things.

• The PeerTube "videoverse" is very fragmented compared to the rest of the Fediverse. Most PeerTube instances doesn't federate with each other, making content harder to find.
• PeerTube lacks any kind of personal algorithm. This makes discoverability pretty bad and it can be hard to find content for your interests.

I must say though, that PeerTube has plenty of content to watch. Not near the same amount of YouTube, but you do have content creators on PeerTube, making content without the incentive of ad income. PeerTube feels a lot like "old YouTube", where everyone wasn't trying to make a living on YouTube, but just making content for the passion.

• An example: While I wouldn't recommend using this instance, check out tilvids.com, which has many creators.
• Or TinkerBetter.tube, an instance for a content creator, with 60.000 views.
• Or MakerTube.net for very creative content creators with almost 300.000 views.

Even with PeerTube's current flaws (which can be fixed), I think PT is ready. It is usable. No, you probably can't find every topic imaginable and no, it won't ever be as big as YouTube, with billions of videos and millions of views on videos. But that is okay. IT doesn't have to reach those numbers. You can watch content on PT now. The discoverability is just lacking.