The IOS update was just the lid on the coffin.
Just go to Reddit, facebook groups, youtube...anywhere you will see thousands of complaints from honest people, businesses, scammers, local vendors, everyone is complaining: it is impossible to work with FB Ads in 2021.
It doesn't matter if you sell drugs, guns, rabbits, apples, water bottles, cell phones, kidneys or portable coffee makers: you will be banned.
The permanent ban is the result after weeks of asking for ID, deactivating your ad account, your profile, your business manager and then finally you will get a permanent ban.
It doesn't matter if you have a verified BM, there are people here selling that for $400, it is an extremely risky investment because they are also fragile...you can use RPD, high quality proxies, real documents, it doesn't matter, the problem is that the level of censorship is absurd.
Yes, as long as you are not banned, you can make sales. If you know the audience and have the creatives, because without that, you won't make it. Because in 2021 it is IMPOSSIBLE to test new audiences and creatives, if you create too many campaigns you will certainly have your account disabled for a few days.
I still make money with products that I already know the right audience and the right video, but after a few days the accounts get banned. All 100% white hat...also I don't need to mention that CPM, CPC costs are MUCH higher and you can't identify the age or the origin of the buyer...it's the end of FB Ads.