Assuming you mean this Glowstone, you'll see they themselves acknowledge that "it is not ready for survival". Source: over 1 year ago
It's definitely not a realistic replacement for modded Minecraft in general, since that's really hundereds of games and Mineclone only aims to replace Minecraft itself. For modded, I'm not sure what the answer is. Even most third party clients/servers that are compatible with vanilla Minecraft don't support Forge mods. Stevenarella might support Forge to some extent, but I'm not sure how it works since Forge is... Source: over 1 year ago
Also to add to this, if you don't need full vanilla functionality and are more focus on higher player count than something slightly more experimental but more performant might be your best bet like GlowstoneMC (glowstone supports paper plugins) or Minestrom. Source: about 2 years ago
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