Blokada is great, however I believe Reddit does a lot of paid native advertising and interweaving of ads within content.
I don't believe the ads in the latter category are pulled from an ad server, they're served from the same source as real content. Could be wrong though, I haven't used Reddit in a while.
You can block hosts on rooted phone easily, so if it's an ad network, it can be done. If it's first party, or in-content, ala tumblr, it's not been done yet, as far as I'm aware - that doesn't make it impossible though.
[1] https://blokada.org/