It matters in terms of keeping track of your subscriptions though, unless I’m missing something. I essentially need to decide if I’m going to use my account on server A and subscribe to all the federated content I want on server B, or vice versa. If A goes down or if I lose interest in it, I’ll need to re-establish somewhere else and resubscribe everything.

I guess the answer is to host your own instance and federate everything, but federation isn’t terribly reliable and then you lose the local view.