Isn't the main issue that for MV3 you can't have a dynamic blocklist ? And so you have to update it with an extension update ?
I’ve been using UBlock Origin Lite on my iPhone for a while, and that works great, keeping itself updated from EasyList and allowing for custom rules.
In some ways it’s better, in some ways it’s worse. Sometimes you have to flip it into “complete mode” (and give it full access to modify the current site) to get good blocking.
I don't how this is supposed to be a demerit given that the v2 version had full access to every site you visit. Safari just made that more explicit.