It is.
You could argue that the security patches Mozilla applies takes time to be applied to Librewolf, and also that all you need to do in Firefox is change a couple of options in the settings. People debate over which one matters more, having better privacy defaults or being extremely quick to patch exploits.
In the real world I imagine it hardly matters.
Just recently made the switch to Firefox. What settings do I need to change?
In the settings, I believe in the privacy and security section, turn the tracking protection from ‘standard’ to ‘strict’.
Also uncheck “allow Firefox to send technical and interaction data to Mozilla”
And finally, if you want to, in the security section, enable HTTPS-only mode. Some websites aren’t HTTPS, though, and you’ll get a warning before visiting these.