SimilarWeb has just released traffic estimates for June. According to these estimates, Reddit's traffic has seen a 3.36% month-over-month decrease.
For comparison, here's how traffic has changed for other popular social networking websites:
Source: https://www.similarweb.com/website/reddit.com/#overview
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The API hasn't been "turned off", there is still a free tier (very limited) and a paid tier (very expensive), plus some 3rd party apps have been spared and are still working.
To be honest, it looks like their attempt at monetizing the API wasn't even turned on yet. They just blocked certain API keys from being able to use oauth. Which is what broke RedReader despite it supposed to be spared for blind people.
All third party apps are still working, you just can't log in. Apps who decided to charge a monthly fee still have no pricing from reddit and are still operating for free until reddit figures out wtf they are doing, or at least that's what I've gathered based on the announcements from those apps.
NSFW content was supposed to be removed from the API yesterday but still nothing 🤷♀️