Not true, FF comes with few binary blobs which are removed from Librewolf. Also there are some things disabled entirely at build time, so they are removed from being an option. So it's not just the settings, and it's not plain re-branding. Some distros has gotten it wrong, believing that it's just a matter of settings, but at least on the case of Librewolf and the Tor browser that's not the case.
That hey depend on FF continuous development to exist is true, that doesn't mean they just rebrand.
There are several patches under its patches source directory, and there are different sort of packages, one example is the
sed
patch to avoid includingpocket
in the build. The DRM widevine is not included either on the build, though it can be installed if you want it installed (probably there's a patch for that somewhere).But I no longer see removing binary blobs being advertised by Librewolf, it's been a while since I don't check on their site...