There's no difference whatsoever.
And it's not surprising because on my iOS device I've been using similarly architected content blockers since 2015. There's no issue with declarative ad blocking.
Of course this differs with the kind of sites you visit. So you need to try it on your own. I can believe that perhaps for some people this is a downgrade, but don't automatically assume uBlock Origin Lite won't work well for you.
MV3 has a measly 30000 static rule limit. These rules are included with the extension and cannot be updated dynamically. And a 5000 dynamic rules limit. [2]
EDIT: Chrome now has a 300000 shared pool for static rules for extensions that go over their 30000 limit. And a 30000 dynamic rule limit [3].
[1] https://adguard.com/en/blog/adguard-for-safari-1-11.html
[2] https://adguard.com/en/blog/adguard-mv3-beta.html
[3] https://developer.chrome.com/docs/extensions/develop/concept...
"Based on input from the extension community, we also increased the number of rulesets for declarativeNetRequest, allowing extensions to bundle up to 330,000 static rules and dynamically add a further 30,000." https://blog.chromium.org/2024/05/manifest-v2-phase-out-begi....
Still sucks that the rules are static though. AdGuard devised a method to diff ruleset changes with the built in rules to generate dynamic rules between extension updates. So, I guess it works.
[1] https://developer.chrome.com/docs/extensions/develop/concept...