You can compile and sideload an open source content blocker on a 32bit device. But performance on some sites is slower then without blocking because of the regex performance difference, it's almost 50% slower. I'd quote the statement from a dev on reddit, but can't remember where it was.
It should be true, but the reality is that most ad blockers have such a complex ruleset to match that they can actually go slower and use more RAM than not running them.
I'm not saying that Apple tried hard enough; the content blockers on iOS are JIT-compiled to native ARM 64-bit code, so maybe they didn't have the codepath ready for 32-bit and/or they didn't bother. But it's surely not just a technical excuse.