This is a trap. Extensions can still block elements in v3. If you use Lite you probably won't notice much of a difference. But in the background, it will no longer be able to modify network calls. That means you are no longer being protected from tracking AND your web browsing experience is once again being slowed down by the loading of ads (even if you don't see those ads)
The difference isn’t just in the network calls, it’s the relinquishing of the blocking to Chrome itself. The Lite extension is essentially reduced to just providing a blocklist to Chrome, and hopes that Chrome will honor the blocklist.
Google is surgically trying to dismantle adblocking, first by removing all the tools from the users under the guise of “it’s dangerous”, and then shutting it down by rendering them so ineffective they’re useless.