Yes, Melkor's realm still needs development, specially polish, options to speed up gameplay and more interesting stuff to do. Which are certainly coming. (Some of these QoL things like shortcuts already got in)
Other than that, i feel like the main "drawback" of the realm is not having enough content on it yet, as the current 4 scenes make hard to justify the full run, but the planned +20 scenes there will likely change that and make the "grind" much more worth it in the average player perspective.