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Is the frame rate still limited by the server-side tickrate?

No, and it never was. The frame rate was limited by a large in-memory working set, high CPU load from tracking too many entities, and lack of multi-threading.

Those issues were fixed in the 3.3 release earlier this year.

I'm not too worried about bugs TBH as long as the underlying game.mechanism is sound. For example, Subnautica have had severe FPS issues from the beginning yet it never became a gamebreaking issue.

Last time I looked into SC (a few months ago), the only gameplay loop consisted of picking up cargo and dropping it off with no failure conditions attached. What else has been added since?

I guess you're using a different definition of gameplay here? You can fight other players, race, FPS, and more, and this has been available for a lot longer than a few months, unless you're also using a different definition of what constitutes a few months: http://www.infoapps.cc/en/starcitizen_playable.html

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