It's definitely nowhere near as polished as Discord, but it does a good enough job for my small gaming group to have moved over.
The equivalent of a Discord server is a Space, which is made up of Rooms (channels). Unfortunately Rooms are displayed in order of recent activity; admins can't define a set order to group things by function.
The two weirdest things: there are no audio calls, you have to do a video call and turn off the webcam. And the process of logging in on your phone requires scanning a QR code from your desktop (a technically-minded person will understand this is necessary for E2EE, but to an average user it's just strange).