It's different under the hood. 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