Mostly so, it's got all the limitations of Manifest V3 which prevents it from doing a good bit of blocking, https://ublockorigin.com/#manifest-v3-section
In particular:
* Cannot use all filter lists simultaneously (rule limits apply)
* No cosmetic filtering in the default mode
* No scriptlet injection by default
* Limited dynamic filtering capabilities
* Requires broader host permissions upfront
But it's definitely still better than no adblockers
Regarding the cosmetic filtering and scriptlet injection, are these even relevant? Most uBO users already give full access to the extension, so they'll probably do the same to uBOL to (most permissions + complete filtering mode). So basically they will have these features anyway.
> it's got all the limitations of Manifest V3 which prevents it from doing a good bit of blocking
The only mainstream browser left that can still run the full version of uBlock Origin is Firefox.
All the others have the same limitations imposed by Manifest V3.