Personally, I have found this feature to be too limited. I still use the ClearURLs extension, which is more effective in my experience.
However, neither one is a silver bullet. Here's an example I just took from Amazon (I blocked out some values with X's):
Original URL:
https://www.amazon.com/Hydro-Flask-Around-Tumbler-Trillium/dp/B0C353845H/ref=XXXX?qid=XXXXXXXXXX&refinements=p_XXXXXXXXXXXXX&rps=1&s=sporting-goods&sr=XXX
Using Firefox's "copy link without site tracking" feature:
https://www.amazon.com/Hydro-Flask-Around-Tumbler-Trillium/dp/B0C353845H/ref=XXXX?qid=XXXXXXXXXX&refinements=p_XXXXXXXXXXXXX&rps=1&s=sporting-goods
Using ClearURLs:
https://www.amazon.com/Hydro-Flask-Around-Tumbler-Trillium/dp/B0C353845H?refinements=p_XXXXXXXXXXXXX&rps=1
The ideal, canonical URL, which no tools I'm familiar with will reliably generate:
https://www.amazon.com/dp/B0C353845H
Longer but still fully de-personalized URL:
https://www.amazon.com/Hydro-Flask-Around-Tumbler-Trillium/dp/B0C353845H
If anybody knows a better solution that works with a wide variety of sites, please share!