Say most of a store's sales come from people typing the brand name. PMax picks up those brand searches and reports them as its own conversions, so its ROAS looks great, even though plenty of those buyers would have found the store through organic or the brand campaign anyway.
My view is to add your brand terms as brand exclusions in PMax and let it compete for new demand only. Then compare total conversions and revenue for the whole account before and after, not just PMax ROAS. PMax numbers will look worse for a few weeks, and that's the point, because you're no longer paying twice for the same sale.
The counterargument is that some brand searchers would have converted through a generic product ad, so excluding them loses real sales. Fair, but it depends on how many of those shoppers you can actually see in the data. If you can't tell, treat the exclusion as a test rather than a loss.
Has anyone run brand exclusions in PMax and seen total conversions actually drop?