OK, sure, but what are the actual, real-life consequences of that?

uBlock Origin and any other effective content blocker had that as its most important weapon, without exaggeration. it has many other techniques for specific circumstances, but preventing to load the ad scripts, and preventing network requests that send back data to the advertising company, are universally a powerful tool.

I don't see any ads online. So ad-blocking still works. What doesn't work?

you don't see them because addons can still insert unlimited cosmetic tweaks. CSS snippets that make specific elements hidden. but the ads are still loaded, consuming network and CPU resources, and the ad framework still collects usage, interaction and device data.

also, the addons now can't regularly update the lists even for what cosmetic tweaks to apply. google has decided it does not allow addons in their addon store that fetch filterlists from the network. this means these addons need to embed the lists in themselves. list updates are released much less frequently, and can have several days delay while google decides whether the updated version contains something malicious or otherwise unacceptable to their policies. compared to that, uBlock Origin on Firefox updates the lists every day by default, with no delay, as it fetches the lists directly from their websites.