If you’re looking for better privacy and a better overall experience, you should instead consider a third-party extension like AdBlock Plus, or a privacy browser with built-in ad blocking, like Brave.
Many ads will still get through, even with Google’s tool turned on-ads that are both annoying and privacy-invading.
But note that this tool isn’t so much an ad blocker as an ad limiter. And you can turn Chrome’s ad blocker on or off at any time. Like most ad blockers, Chrome’s service improves your experience by reducing unwanted pop-ups, and stopping noisy autoplay videos. Google Chrome has a built-in tool that limits the number of ads you see while browsing the Web.