FWIW, that is how I use the My Followed Content page. Only the threads/topics that I actively subscribe to show up there. Being a member/GM of a game does not produce any content there automatically. I can follow games/threads there that I am a member of. I can follow content in games/forums that I am not a member of. I can join and even run games that do not show up there. It is quite granular in its customization.
But, it is not on the front page which is a big deal to some people. I have it bookmarked, so it is still only one click away for me, but it isn't on the front page.