Meta Ad Library is the public-source-of-truth for competitor ads. It tells you which ads a brand is currently running. But it doesn't tell you the things that matter for creative strategy: what hooks the videos open with, how they emotionally position the product, which products get which formats, or how the strategy varies by audience.
The display_format field that Meta exposes (DCO, DPA, IMAGE, VIDEO) is also misleading. It describes Meta's delivery system, not the actual creative content. SKIMS shows 91% DCO in the Meta API, but if you sample the actual creatives, the breakdown is 55% image / 45% video. The DCO label tells you Meta is testing variants — it doesn't tell you what those variants look like.
To do real competitor research, you need to layer on top of Meta's data: hook classification from video transcriptions, emotional scoring of every creative, format-to-product mapping, and platform-strategy patterns.