It's still not a perfect solution. I give up a lot privacy that way, and in order to use Contributor, I have to give up some of the other uBlock features that I really like (in particular, element-based blocking).
I will note, though, that I don't feel in the slightest bad viewing Facebook or Twitter with ads blocked. Facebook and Twitter survive by network effects; I couldn't reasonably opt out of using their services even if I want to. Since I'm forced to use their services, then, I think it's reasonable that I do so on my own terms.