Found out about this literally three days ago and it has been such a blessing. I am a little unsure though with regards to what settings are applied from blocking the banners. I would assume it should enforce a minimal amount of cookies due to the lack of acceptance.
Or because geolocation can be flaky. I’d assume management would rather comply with the GDPR requirements than risk ever getting into a lawsuit because they relied on IP geolocation.
Wait till you learn what you can do with the element selector/custom filters. I've made so many trash web pages so much nicer to read just by learning to use that tool. Fandom.com is actually tolerable now.
uMatrix Filters in combination with uBlock Origin has made my webexperience so much better, that I'm always appaled when I visit websites from other peoples machines.
I think this one is better because blocking content can lead to site breakage. The firefox one seems to automatically click "reject all" or "accept minimal" on the banners (which are standardized iirc), so less potential for breakage.
I've been using consentomatic on Firefox desktop for a couple of years now and it mostly works great. It does what you described above, so I assume you're right and this one does the same.