EDIT: Apologies. Updated with a link to what gorhill REALLY said:
Manifest v2 uBO will not be automatically replaced by Manifest v3 uBOL[ight]. uBOL is too different from uBO for it to silently replace uBO – you will have to explicitly make a choice as to which extension should replace uBO according to your own prerogatives.
Ultimately whether uBOL is an acceptable alternative to uBO is up to you, it’s not a choice that will be made for you.
Will development of uBO continue? Yes, there are other browsers which are not deprecating Manifest v2, e.g. Firefox.
Switching to another Chromium-based browser is a half-measure. Other Chromium-based browsers are on borrowed time.
As time goes on, it will become more difficult for them to maintain v2 support. Nobody has the resources to properly maintain a browser fork with more than minor modifications. And you can bet Google will go out of their way to make this difficult for everybody else.
I mean, sure, use what you’re comfortable with if you really can’t use a non-Chromium-based browser for some reason. But it means you’re likely going to have to jump ship again sooner or later. Why not just jump once, to something with better long-term prospects?
Then again, the folks behind Arc Browser have expressed interest in becoming engine-agnostic, so perhaps there will be a Chromium-free Arc version in the future. That would be very cool.
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They don’t need to maintain V2, they can bundle native adblockers like Cromite.