Any admin from any instance can as long as both instances are federated with each other.
Say I upvote something on lemmy.ml, then the admins of every instance federated with lemmy.ml can see it in their logs.
Doesn't seem bad? It can be if someone collects this data en masse to feed some ad-algorithm with it. Or much worse, an adversary gets this data to target people based on their opinions, to dox them, etcetera.