I used the lite version while on chromium for some time. I noticed no difference in terms of blocking ads.
The main thing I missed was the ability to block arbitrary elements with the zapper. I use this for more than just ads, so losing it is a real loss in functionality. Otherwise it worked fine.
Yeah the zapper is indispensable. Being able to filter content on platforms by the words in post titles is one of the best ways to not be exposed to toxic content.
Never leaving your subscriptions (never using the algorithm recommended feed) is not a solution because of second-hand toxicity, e.g. political posts in meme subreddits in an election year.
If anyone knows of a solution that works in Manifest V3 I'd love to hear it!