Monal works fine now.
No, it doesn't. It is still far behind in features compared with Element. It still doesn't have things like reactions, which is pretty much standard in any messaging app.
That you think that Monal is an acceptable alternative makes me believe that your biases are clouding your judgment and make it very difficult to accept your premise about Element being "damned" because of its funding. But let's just agree to disagree, because I don't see how this discussion can go any further.