That’s not correct. The FT has not explained this clearly.
If an online platform has more than 45 million monthly users (~10% of EU population) then it is classified as a Very Large Online Platform. In that case, the Commission can directly make rules for it.
If it has fewer users, then it is still regulated by the Digital Services Act (DSA). The DSA claims jurisdiction over all platforms that have users in the EU. Among other things, they need to have a representative in the EU (IIUC). FWIW I’m pretty sure that lemmy is not compliant either.
DSA: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2065&qid=1732567528372
Micro and small enterprises are excepted from some rules but far from all.
I think that lemmy servers would count individually, as well, but it is not guaranteed. In any case, that comes with its own problems.