Does the Federation "rule" the Galaxy? (ultimately)

So this is my first thread. I was pondering the similarities between the Borg and the Federation.

For instance, the writers chose to use the word "assimilate." Or that the Borg won't assimilate cultures that haven't reached a certain level of technology. Or the Borg are always expanding. Well, this is exactly what the Federation is all about.

-They assimilate cultures and technology, and add them to their own. They won't assimilate just anyone into the Federation, but when a species has developed their own unique method of FTL travel, Starfleet comes along and initiates "First Contact" The Federation keeps expanding....to what end?

To my point...
We see that the Federation is run from Earth and is dominated by humans, Starfleet likewise. In the 29th century, we have the Federation time ship "Relativity." The "Time cops." They can travel to any point in space and time instantaneously, and correct any temporal tampering of their history, that could negatively affect the Federation's Hegemony. I mean, it appears that Humans basically run the galaxy(or maybe more.) To have this policing power, it seems that they've "put all enemies under their feet." All former rivals have been assimilated.

I'm not saying this is a bad thing; in fact, it's pretty cool. I'm sure it works for the best of all species, right? So humanity has a pretty good run, eh?

 

Edit: Didn't realize this was a duplicate thread - I've moved my response to the thread where people have already responded.