It was a real pain to figure out how to get out of element picker/zapper mode*, but yes, it has the exact same functionality as desktop. Makes a lot of sites navigable when they otherwise wouldn't be, and saves me so much frustration.
*You have to swipe right on the screen to exit the mode. If you have ublock origin, but don't know what I'm talking about, you're in for a treat!
Click on the the icon for the extension, and look for two symbols, a lightning bolt and a dropper (like for liquids). Select the bolt, hold down shift (unless on mobile) and start clicking around wildly! Then refresh the page. If you want things to go away and stay away, use the dropper. I use these tools to get rid of annoying banners, the empty spaces some ads leave when blocked, auto-playing videos, and whatever else I want gone.