The twitch 5 player hides ads and mutes the stream while they're playing. Pretty sure it won't be affected by other adblocks because it's its own local webpage thing but I've always heard only run one adblock at once or things can break. I don't believe twitch5 gets the low-latency mode so your stream delay will be like 5-8 seconds behind live versus 1-3 seconds on the normal player. I've gotten the delay better by messing with the addon buffer settings in the past.

The github link has a couple methods inside of it. As far as I know, there are two methods to block ads while being able to watch the stream while they play: proxy and video swap.

Proxy connects you through a country that isn't served twitch ads, the "TTV LOL Pro" browser addon is maybe the easiest way to do it. However their default proxy doesn't work for me so I had to go to the add-on's github page to find a working proxy url and paste it in the addon settings. I can look for the link later if you need it. I use this method and it works great for now, twitch is constantly trying to break this stuff.

Video swap takes the 360p preview of a stream that plays while an ad is up and swaps the ad with the preview. Once the ad is over the stream goes back to your selected resolution. You'll have to set this up inside ublock origin but the ad solutions github has instructions. I've used this in the past when my proxy solution was broken from either my own incompetence or something twitch is doing.

edit in case anyone from the future reads this: Twitch has supposedly started cracking down on VPNs and banning some accounts that use one. I'm not an expert and, in fact, barely understand all this shit but I would say that the proxy method is no longer safe to use. Also sorry for this long, poorly-researched post but all this stuff is what I wish someone had told me when I first got into twitch adblocking and I could never find much info outside of the twitchadsolutions github.