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Well you shouldn’t trust a public, decentralized, open source personally hosted service either.

I don’t really know who’s hosting the Lemmy or other fediverse services I use and what access they have to the data that we post on there.

Basically, you shouldn’t trust any online service with your data and your posts.

You can trust that the service will persist. The fediverse is practically speaking unkillable since no one group holds all the strings. The trade off is that any data you post is shared freely with all. At least it’s clear from the start and no one is profiting off of it. Unlike Reddit, you know exactly what’s going on as soon as you sign up.