It may serve as a temporary work around while the extension developers play catchup with the new way that extensions work - they have been given a few months notice and beta versions to develop their extensions on but not everyone has caught up. Waterfox is an unofficial 3rd party version of Firefox. but at least your favourite extensions will still work for now: Mozilla do warn that security patches will not be available if you do not have the latest version. It is entirely possible to keep the older version of FF if you really need to. but that isn't going to be compatible anymore as it hasn't been updated in 4 years I also got a proxy extension that looks really bad after the update (they released it early and was quick to give instructions to get the older version working after the backlash from 100's of angry users).
I have got an extension that lets me close tabs of the same domain, left or right of the current tab, blank tabs etc etc. This is bad news for long time users of FF with extensions that have been since abandoned or left as they were as they just worked. Only firefox VPN that actually works and doesnt waste your time asking you to make an account before you can use it.