Originally Posted by joemikeb
There are three ways to control Safari's Website Preferences…
  1. The Develop Menu
  2. Website Preferences icon
  3. Safari Preferences > Website

They are all control the same Safari API and have the same scope of effect. If you change one that change will appear in both of the others. The advantage of using the website preferences icon is it automatically forces the page to reload.
The icon drop-down specifically refers to content blockers, which suggests that other types of extensions are excluded from its functionality.

The new Great Equalizer is the SEND button.

In Memory of Harv: Those who can make you believe absurdities can make you commit atrocities. ~Voltaire