I wanted to reply to this as a long-term reader of yours, a lurker, and someone that works in the startup/machine learning field. I've been following the machinations of Medium for a while and can see when they've changed the engagement algorithm. I offer up these comments for your consideration.
Engagement algorithms are nothing more than optimization methods. Ultimately, they (and all similar platforms) want to optimize their revenue. So why do they keep changing the algorithm? My guess is that there's pressure from the VC and investors to start meeting revenue goals.
I have no insight into the Medium organization, but I suspect they were looking at IPO'ing before the market crash. Now that the crash and tech IPOs are on thin ice, they're either looking at hunkering down or a buyout.
My money is on the buyout; if you go that route, you have to kick out the troublemakers. The ones that write things that don't fit well with the narrative and aren't Disney family-friendly.
In the end, it's always about the money.
I support your Medium and Substack strategy because it keeps control in your hands. If Medium gets sold to a puritanical right-wing organization your work will be toast here.
Good luck, I'm following you on Substack as well.