Advantage+ placements default to everything: Feed, Stories, Reels, Audience Network, Messenger. Whether to cut any of them is a fair fight. Take a tutoring business running a lead form. Audience Network can bring cheap form fills that never pick up the phone, while Reels might be where the best leads actually come from. So cutting placements up front is guesswork.
My take is to let delivery settle for a couple of weeks, then read the placement breakdown on cost per qualified lead, not cost per form fill. Exclude Audience Network only if it's clearly worse on lead quality. Excluding Reels or Stories is rarely the right move, since that's often where the cheap reach sits.
Has anyone seen exclusions hold up once volume scales, or do they just push the spend somewhere worse?