No, uBOL blocks more ads and isn’t affected by Firefox’s insistence to not block Google Ads or their own.
> Sponsored shortcuts and other sponsored content shown by Firefox when you open a new tab are separate from ads on the web pages you visit, so Ad Blocker doesn’t affect them.
Just mentioned in another comment, but I'm not sure Firefox on iOS can actually use webkit content blockers? (I thought it could but have been using Orion exclusively for a while now)
Any reason to use uBO Lite over uBO?
Nope- the only reason uBlock Origin Lite exists is because iOS's browser limitations make full uBlock inoperable there.