So on desktop, it's only blocking pop up ads, prestitial ads, auto-play video ads or large sticky ads (the ones that stay in sight even when scrolling down/up).
It's underwhelming and hardly worth being called an adblocker.
For those wondering why Google is doing this, it is largely to protect the ad industry as a while. While I personally feel that the "better ads standards" does not go far enough. the overall goal is to slow or stop the adoption of users choosing to install an ad blocker that simply blocks all ads. They are looking at what pushes a user over the edge, and causes them to simply block all ads.
Overall if they prevent some of the most annoying ads, the average user may not be pushed to a point where they actively search for a way to just block all ads.
For a power user, there will still be a desire for full ad blocking since the industry does not prioritize security, as it is very common for a malicious ad to get through, and then the ad company releases a few empty words of removing the bad ads and then claim to work harder in the future to prevent malicious ads, but nothing ever changes. If ads were truly as important to the running of the free and open internet as they claim them to be, then they would treat ad networks like how they treat certificate authorities, and treat any case of malvertising to be a breach of trust, and after 1-2 individual cases of malvertising, the entire ad network is immediately blacklisted by major web browsers. That will be the only way to convince these ad companies to actually vet the ads going onto their networks.