The fact that the plan ends with extensions still able to see all web requests, record all web requests, forward a log of all web requests to any arbitrary endpoint, etc...means the "privacy" angle is pure bullshit. I suppose the "performance" angle is somewhat true, but the net performance gain of NOT downloading all the ads makes up for any performance loss of processing/filtering requests. Sites with ads are faster when you load an adblocker.
The only thing being taken away is the ability to dynamically observe a web request and cancel it. Who uses that functionality outside of ad-blockers? Not many. There's no hyperbole in the headline.
[1] https://developers.chrome.com/extensions/declarativeNetReque...