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It depends how you look at it.
Ranked Choice is not going to make a third party viable at the presidential level. Simply because the other two parties have orders of magnitude more funding to campaign and make sure people know and "like" their candidates. And, depending on the implementation of ranked choice, it may still result in splitting the vote.
At the congressional representative level? Ranked choice has a lot of benefits there. But that is also the level where third party candidates are still viable under the current model.
The reality is that most of the things people want out of ranked choice we already have out of the primary system. Wide range of candidates run in the primary on each side. Primaries exist to figure out who The People like and to let the party down select. Done right, you have what would otherwise have been "third party" candidates who suddenly have a LOT of influence within the party (see: Bernie Sanders in 2020... less so in 2016) because they get a lot of influence on the platform in exchange for supporting the candidate who has the majority of the vote and the party backing.
The key is that people need to understand they are still compromising to get some of what they want AND to engage with their local (and even national) parties to make sure their voices are heard.