Yes, it is. The key for me has been learning what to ignore (a lot), and what to pay attention to (not that much). I’m still finding my way around, but I am already working with it pretty effectively.
I posted something aimed at following a specific board here: Found the new Board - #7 by RHinCT
For following everything I followed before, I had to find the Tracked item under Community at the top of the left sidebar. For me it was invisible, hidden within Community, until I clicked on Community. Tracked limits the view to only the boards that were my Favorites on the old system.