the ublock origin repo actually has a video linked how it works: https://youtu.be/2lisQQmWQkY?t=294
However it's not equivalent, because in uMatrix you have even more fine-grained control which content a certain domain in a certain context can load (i.e. scripts, images, css and xhr requests).
with uBlock origins UI you can block by content type and then whitelist the domains which are still allowed and that feels less granular then the uMatrix configuration dialog.
But if you check the generated dynamic rules in the settings you'll see that it supports the same granular controls as uMatrix
uBO covers most of uMatrix (and more).
Some of that uMatrix coverage is a hell of a lot harder/more awkward in uBO.
Basically every uMatrix user always also ran uBO too, for the more DOM/'content blocking' aspects (primarly 'cosmetic filtering' as it calls it iirc).
uMatrix lets me block all third-party, allow only first-party scripts/XHR/iframes by default, and then in two clicks (including opening the extension's popover menu) allow some specific host's scripts or whatever, while still blocking its cookies/frames/XHR/media/et al.
uMatrix is more advanced than uBO 'advanced mode', and just as easy to use; i.e. easier to use than 'dynamic filtering' or whatever people suggest that's buried in the full-page settings and not something I'm going to be doing 'on the fly' while visiting a site.
I still use uMatrix (and uBO!) and remain thankful for it - I just hope it lasts, not obsoleted by browser API changes or whatever. (nuTensor was forked to take on that burden, but itself now archived. Apparently - I read in another HN topic on this recently - because uMatrix actually did receive some maintenance update.)