An instance says this in their term of service. Isn't it bad?

Users that use this instance grants us a non-exclusive, perpetual, world-wide, irrevocable, no-charge, royalty-free copyright license to reproduce, prepare derivative works of, publicly display, publicly perform, sublicense, and distribute content you post here.

Doesn't that mean they are applying like CC0 to all your content?

Not naming the instance since i suspect it's commercial in nature