The main issue is going to be around the corner. As more and more people use CNAME cloaking to do server-side tracking using GTM (etc.), it will be a cat and mouse game to block it (and other networks). uBlock Lite cannot uncloak these CNAMES and you're going to see a pretty bad experience in due course.
On the positive side, those of us on Firefox are going to have a great time as companies switch from trying to workaround ublock, to trying to workaround ublock lite
uBO never had the ability to do CNAME decloaking in Chrome though, the required API (browser.dns/chrome.dns) wasn't there even in MV2. It was always a Gecko-only feature (and a big one!). IIRC Brave rolled its own CNAME decloaking mechanism in its Shields blocker, without exposing a chrome.dns API.
Funnily enough, it made me review the block lists of the extension and I realized that I could select more of them. Too early to jump to conclusions.