I’m unsure whether a drop-in replacement exists. I use Lawnchair. It doesn’t have the newsfeed when swiping left, but if you’re okay with changing your flow a bit it could be good (enough) for you. You could create something with widgets (or maybe plugins) that replicate what you currently have.
My gut feeling is that defederation should be done as little as possible. I’m quite new to all this, but to me, it feels like it should be user preference instead of admin/mod preference. I have no clue whether that is even possible though. Perhaps there should be more filters than just Subscribed, Local and All to alleviate certain issues.