On par with X11? Have you tried to do anything even slightly "weird"?
It's not on par with X11 and probably never will be, because the Wayland people just go "that's out of scope! beg your DE to implement it!" for EVERYTHING.
KDE only VERY recently got the ability to do custom resolutions, which are absolutely critical if you have a CRT monitor, like one release before they're going to drop X11 completely. I think a few smaller compositors also have a protocol for that, but like, Gnome? Good fucking luck. They HATE features and probably love the fact that they can just refuse to implement basic stuff and leave you with no way to work around them at the X level.
Our vim clipboard support still doesn't work. It's supposed to work (vim says it supports wayland). Guess what, it doesn't.
wl-copy/paste needs to OPEN A WINDOW and take focus to get the clipboard (for... Reasons™... "but SECURITY!"...) and KDE's focus stealing prevention blocked it from taking focus, meaning it would just hang forever until we added a window rule for it.
We still, as far as I know, have no way to disable our PS4 controller's trackpad from working as a trackpad, without affecting the ability to use it in steam input, without affecting other trackpads on the system if there are any. Because "that's weird, who would want that?" and nobody thought to build the tooling to let you do that.
I'm sorry no, that's not a functioning replacement for X11. People SAY it is. That doesn't make it true.
-- Frost