In our experience, Meta ads are like the second most important ad spend, after Instagram, quite good conversion usually.
But you need to get the Meta Pixel to track everything, otherwise the targeting won't learn/improve. Depending on your shop setup, this can be quite easy or quite hard.
I haven't talked to anyone who didn't run conversion campaigns, as that's usually the end goal when you are mature enough to dump enough money on Meta ads for it to matter. As always though, there's never a silver-bullet answer when it comes to ads, everyone's experience is very different, depending on audience match, content quality, and so much more.