ublock can block everything umatrix can but reverse is not true. It had been the case from beginning but people are not aware. So I find ublock much more satisfying.
I think it might be true, but it's a lot harder to do uMatrix things in uBO, because the 'advanced mode' just gives you allow/disallow per domain, not the er matrix at CSS/image/media/scripts/XHR/frames/other granularity.
I think you can get that granular in the manual/text based rules edit of uBO in settings, but I stopped looking into it / considering switching fully at that point (I'd always used it in simple mode in addition to uMatrix, just to block cosmetic DOM stuff that uMatrix doesn't do) since I need it to be far easier and quicker than that, as it is jn uMatrix.
So switching to nuTensor (a light-touch security/necessary FF updates only sort of fork) has been on my to-do list.
My uMatrix default is all cookies blocked; third-party media, scripts, XHR, frames, other blocked. Of course I often then have to allow some third-party script, and I can do so in one click without also allowing XHR or frames to/from that domain.
uBO doesn't allow that (in the toolbar UI, 'advanced'/'more' mode), because it's missing the columns from the 'matrix', so you either allow/block a domain wholesale.