OK, then, so have you or has anyone else noticed a difference in the content of a screen after having unchecked "Enable content blockers"; I"ve tried on a bunch of different websites, and I haven't noticed any difference in so much as a single instance.
What on Earth does the functionality do?
I have no explanation for your lack of differences and I can only speak to my own experience, but as I have previously mentioned I have run into 19 websites that either won't display at all, the HTML/CSS will not render correctly, or certain functionalities will not work unless content blockers are disabled. The list includes at&t, Starbucks store, Walmart, Imgur, and youtube.
However, that could be because of other ad blocking Safari extensions I have installed and not directly caused by the built in intelligent ad blocking. Next time I hit one of those sites I will manually disable the ad blocking extensions and compare the results. In any case, whether the failure is a result of Safari's internal blocker or an a.d blocking extension the ability to toggle blocking on a site by site basis with a single click seems VERY valuable to me.