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Debating something similar. Had a Assets Only Pmax going but added the product feed recently. Have a separate Google Shopping with no Pmax that has a larger dollar amount dedicated to it. I would never add Pmax to my main Google Shopping campaign as it wastes money. But we did want some money allocated to showing up in other places besides Google Shopping
My thought is that it depends on what you want out of the Pmax campaign. Pmax seems to be better for impressions and brand awareness than conversions – and double the cost per click. But once you have a few conversions it seems to gravitate more to those products for most of your impressions.
Assets only is even more for brand awareness than conversions.
We are going to revamp all of these campaigns soon. Separating out products into 3 categories with separate dollar amounts to each in the Shopping Campaigns to get visibility to a larger percentage of products. We are also going to have two Pmax campaigns, one with product feed and the other without.
