Does QT actually reduce liquidity?

I might be wrong here but QT this time feels weird. Fed balance sheet is down ~2T since 2022, so you'd expect liquidity to tighten a lot.

But if you look at it as: balance sheet – TGA – RRP, it kinda doesn’t look like it dropped that much? Last time (2017–2019) it hit way harder and we got repo stress. This time it feels like something offset it.

Now RRP is basically gone so idk what happens next. Maybe QT starts to matter more. I put some of the data here if anyone wants to check:
https://eco3min.fr/en/net-liquidity-index-dataset/

Curious if I’m missing something obvious.