I don't think that's a good way of stating it. You get the posts from the people anyone on your server follows. An admin can block or silence accounts, or run a relay, but these are edge cases.

An admin can decide to unfollow a bunch of instances and as a user you have no recourse.

you can say "hey could you refollow those instances"

you could throw more money into the instance's tip jar to make it easier for them to decide to rehost a larger part of the data firehose - that may not be the entire reason they defederated from an instance but it may be part of it

you could move to another instance whose admin's choices are more in line with yours

Other social networks can ban people I follow and I have no recourse.

True, so it's not an improvement. I guess it is even worse because when they unfollow an instance they may ban hundreds of users just because there are a few problematic ones.

Which in my case, includes stuff from all over the internet. I don't think anyone's feed includes everything from the internet.

To add: not even a centralized service includes everything from the internet.