The privacy aspect is big. Even if content blocker extensions technically aren’t as capable, they were nice because they could be installed with impunity regardless of the party responsible for developing them. It’s a tradeoff.

In practice I’ve found them to be largely effective except for the most awful sites that I should probably be finding alernatives to instead of using (vote with your eyeballs), which is something I do even where “real” uBlock Origin is an option.