I'm still figuring it out but it's more granular than merely off or on.
https://www.reddit.com/r/firefox/comments/706xrr/umatrix_vs_...
Note that I do 'online shopping/purchases' in another browser, though.
This means umatrix will break most websites by default and require you to check what elements are required and allow them manual but offers higher security because you essentially audit every website you visit.
uBlock Origin can also be used in default-deny mode, see [1]
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[1] https://github.com/gorhill/uBlock/wiki/Blocking-mode:-medium...
Basically, when a website loads, it can access resources from various sources. For example, if you access www.example.com, it may also load Analytics from google.com, it may use sharing icon and javascript from twitter and Facebook, it may load some video file from Akamai content delivery network etc. etc.
With uMatrix you can control what resources load from where.
In the default mode, uMatrix will load the resources only from the domain you are accessing, i.e. if you are accessing example.com, it will allow images, javascript, videos etc. to only load from example.com and block from all other sites. This can break some websites - for example, youtube.com which loads videos and javascript from other servers in different domain. In such cases uMatrix allows you to allow resources from the other domains / servers to load and save this settings (or you can just switch off uMatrix temporarily for that site).
Since many resources aren't loaded by default (and a lot of websites include such crap resources from other sites like Google, Facebook etc), it saves bandwidth and the web page often loads faster. But it comes with added complexity when a website breaks.