It most definitely is as well. In fact it's better because you don't have the slower page loading times anymore.

And everyone I know who used UBO and switched to UBOL has had no complaints about ads not being blocked.

Whereas people who don't actually use it love to continue to insist that it's this degraded experience that doesn't work as well. And usually when one of them comes up with an example of some ad not being blocked, it turns out because they hadn't configured UBOL to use complete blocking mode.