You should be able to get a lot of value from analyzing your competitor’s ads and product flow, though.
What creative are they using? Do they use a consistent style? If so, why? If not, why not?
What messaging and positioning are they using? Does it differ on Facebook vs other platforms? How about Instagram? Why do you think that is? Is the ad targeted at a specific persona or demo?
How do they transition from Facebook to the next step of the user journey? What type of landing page seems to work best?
Just interrogate it and see what you can learn