Meta has stripped manual placement choices out of sales, leads, engagement and app promotion campaigns. Awareness and traffic campaigns still have them for now. Social Media Today expects Meta to remove them everywhere in the end.
That is bad news if you relied on dropping weak placements by hand. But Meta has published the controls it still offers: set different images, text and links per placement, raise or lower bids for specific placements, exclude placements at account level, and limit where partnership ads appear.
In our accounts, the brands that cope best give Meta creative built for each placement. A square image squeezed into Reels loses. A proper vertical video with captions wins. When Meta picks the placement, your job becomes making sure you have a good ad for every place it might choose.