So I heard. A userland exploit is definitely a good start, but it is not a complete exploit chain quite yet. There still needs to be a kernel exploit, and if the Switch 2 runs on top of a hypervisor system like the PS5 and Xbox consoles (since the 360), a hypervisor exploit.
Right now, this exploit gives access to a limited sandbox, but still allows for execution of code, albeit in a limited scope, which can still aid in understanding the console better.