Exactly. The Lite version is basically "hiding" ads rather than blocking. The MV2 version stops the requests themselves from being made which save your bandwidth and battery. The light version lacks those benefits
Users are still being tracked and your websites are still slower to load. More of your bandwidth and CPU is being used.
If you want a sophisticated version of what you think this is, see Ad Nauseum. It's uBlock Origin except they create a fake "profile" for you and selectively click ads under the hood to throw advertisers off
The final SL point release was very stable. Still is. Lion was a horrible and nasty release which shouldn't have seen the light of day. FWIW, SL introduced several new UI elements into OS X as they needed something to show off at release. Something. Anything.
I avoid installing Logitech spyware on my Mac but there are FLOSS apps to do the equivalent. There's even a pairing FLOSS app for Linux to avoid installing Logitech spyware. FLOSS is amazing. LinearMouse is the Mac app.