I can agree with you on some points. Firstly, it's true that the presence of moderators in-game isn't always noticeable, but that doesn't necessarily mean they're inactive. Additionally, the implementation of a maximum report cap on the website seems to have helped reduce the volume of reports. At the time of writing this, the load on the report system appears to be low, which is something we haven't seen in a while.
It also appears that they have introduced a system to limit the maximum report cap for users with reports found to be invalid, while not perfect, although I think it's not very ideal, it does help lower the reports being submitted. (I am not certain about this so please correct me if I'm wrong)
Overall, I can't say whether the moderation team is performing well or not, but there's always room for improvement in any aspect.