Most ships do exist, and the ones that arent ingame are close to being done.. except a few ones ofc. Some ships are also being held back for Squadron 42, like most of the biggest ships.
And the game is surprisingly fun to play atm, even if the full gameplay loop isnt ingame atm. And its just getting better with every patch.
The game currently has more content than Sea of Thieves has. I know thats not a big achievement, but still.. its slowly getting there. Its just an alpha after all.
Well, this is MMO-champ forums, so the standards are much lower here compared to what you find on more SC related forums.
Most people who are invested into this game will give you a realistic view on how things are, where the game is heading and what to expect. Be it incoming features or current ingame bugs and annoyances.
But yeah, if you like space games like this, you can sink a ton of hours into this game in its current state.