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The crux of the difference is the webRequest API which is only available in Manifest v2. This allows uBlock to strip all tracking data from the requests themselves. So while Chrome w uBlock Lite is hiding almost all the same ads from you, it's not protecting you from tracking

The Lite version also relies solely on filter lists that require you to update the extension itself while the MV2 version can do so dynamically. Additionally, it lacks CNAME Uncloaking which I imagine will become much more commonplace soon enough which will make it impossible to block those ads.

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> uBlock Origin Lite still seems to block almost all ads

https://news.ycombinator.com/item?id=49305464

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There’s also ad blockers for iOS safari, which I’m pretty sure doesn’t support ublock. There’s nothing in manifest v2 that’s required for ad blocking.
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uBlock Origin Lite is available on iOS/iPadOS for Safari however last time I checked it’s inferior to AdGuard/Wipr due to the API it uses (it only works in Safari but doesn’t provide ad blocking in the web views like the other two do). Otherwise it’s equivalent with the desktop version.
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