https://techcrunch.com/2023/07/12/tumblr-is-losing-30m-each-year-ceo-says/
Tumblr head Matt Mullenweg also assuaged users fears by confirming that the platform will not remove its chronological feed.
Porn is back yes but they are still pretty strict. If they catch you posting porn, you're banned. If your post has a nipple poking up on a shirt, that post gets banned. If the clothes are too tight, that post gets banned. If you post too many posts that are banned per above criteria, your account is banned.
My comment was incomplete. While tumblr does a great job of stifling the average user's ability to POST anything "sexy", they seem to have zero ability to manage porn bots. I believe they are intentionally letting porn pots run free in order to sustain user base. Porn bots jumped again after they brought out new community standards last fall or early this year.
If you're just a porn consumer, it's fine. If you want to post porn and you know how to evade tumblr's detection schemes, it's great for you.