Norton does in fact provide some protection from malware - dependent on your defiintion of malware. Norton does not remove/alert on all PUPs or PUAs -as some of those designated PUPs/PUAs some users actually install on purpose.
Some other AV's do remove PUPs/PUAs and user complain about them being removed, so it's a bit of a grey area as to what is the best procedure.
In regards to MBAM, the free version is an ideal second opinion on demand scanner. Norton recommends not to run MBAM in real time (Pro version and the Pro version test) although some users have reported running both AV and MBAM in real time without conflict.
As a personal preference I run Norton as my AV and run MBAM once every two weeks, or whenever suspect something is acting out of the ordinary.
A layered approach to security is the preferred method. The most important element is YOU. There are no AV/malware programs that can protect your devices from you. How you behave online is key. Do NOT rely on your security software to protect you 100%. (I have a lifetime Malwarebytes Premium license. I am also using Windows Defender. I choose NOT to install Norton Security Suite.)
I would argue that the most important security measure to take is backing up your data. You can subscribe to an online service - https://www.pcmag.com/article2/0,2817,2288745,00.asp
Or you can purchase an external 1TB USB hard drive ($50) and make regular backups yourself. Be sure to keep the drive disconnected between backups.
Having a backup will save the day.