Yes. Fedora and Ubuntu are both Wayland by default now. I've been using Wayland for years now and it's pretty rock solid at this point.
I occasionally see a few apps that don't seem to play nice with a HiDPI/1440 mix of displays but that gets better day by day and is now pretty rare for me.
Not if you need fractional scaling. But that's the only limitation I'm aware of.
As these days many users have HiDPI displays I'm really surprised that Wayland still doesn't support it properly (please don't tell me to scale my font size ...) and why so many distros use Wayland as default.