Ideally, yes, Matter/Thread has a lot of potential to be that common framework that makes everything work together. I want to recommend it for everything new …… but products have been really really slow to come out, so your choices may be limited.

My understanding of Philips Hue is limited but I believe they do use Zigbee as a standard network, but functionality is extremely limited unless you use their hub. That’s been more than enough for me to stay away

Clarifying the terminology for the new standard:

• Matter is Ethernet/WiFi, based on IPv6. Great for powered devices, especially those that do need to connect to the internet. Many powered Matter devices will route Thread traffic
• Thread is a local wireless mesh network, similar to Zigbee or z-wave. The range should cover a home, but it is low power, low latency, suitable for all sorts of devices that do not need internet access, or where low power is important
• Device Profiles are a feature that the standards committee has spent huge amounts of time on as a way to make everything’s work together. These define what a device can do, so all such devices work the same way. For example, it defines a light that has statuses and operations for on-off, brightness, color, and maybe more. Instead of a company like Philips having proprietary definitions, now all lightbulbs can be controlled the same way