A \emph{generalized degenerate string} (GD) is a sequence $T=T_1\dots T_n$ of nonempty finite sets of strings, called \emph{segments}, such that all strings in a segment have the same length. Given a solid pattern $P$, GD string matching asks whether $P$ occurs in $T$. Ascone et al. (WABI 2024) identified this as the main remaining boundary case in the fine-grained complexity of pattern matching on variable strings, between variants with near-linear algorithms and those with SETH-based quadratic lower bounds. We give a $\tilde{\mathcal O}(N\sqrt m)$-time algorithm, where $N$ is the total size of $T$ and $m=|P|$, placing GD matching on the subquadratic side of this boundary. We also study indexing. For elastic-degenerate strings (ED), which drop the equal-width restriction, Gibney (SPIRE 2020) obtained $\mathcal O(nm^2)$ query time after linear preprocessing. We adapt this index to GD strings, obtaining $\mathcal O(nm)$ query time. Conversely, under SETH, we rule out GD indices with polynomial preprocessing and query time $\mathcal O(n^{1-\varepsilon}m^{\mathcal O(1)}+m)$. Under the $k$-Clique conjecture, we further rule out combinatorial GD indices with query time $\mathcal O(n^{\mathcal O(1)}m^{1-\varepsilon}+m)$, and combinatorial ED indices with query time $\mathcal O(n^{\mathcal O(1)}m^{2-\varepsilon})$, matching the quadratic dependence on $m$ in Gibney's upper bound. Finally, under the OMv conjecture, we show that, after polynomial preprocessing of a string set and a pattern, active-prefix queries on a bit vector of length $m$ cannot be answered in $\mathcal O(m^{2-\varepsilon})$ time. Since these queries are the standard bottleneck in ED matching, improving indexed ED queries below $\mathcal O(n^{\mathcal O(1)}m^2)$ would require both non-combinatorial techniques and an approach that avoids using active-prefix queries as the main bottleneck.
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