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All three matter but the sequence is wrong… CPM inflation is the structural problem nobody wants to admit. Meta CPMs are up 20% YoY to $13-$15 average in 2025 and weak creatives spike to $50+ CPM while strong ones stay near $25. At $500-$1k daily you are hitting audience saturation faster because Andromeda burns through your pool quicker than the old algorithm did.
The efficiency cliff you are experiencing is not a signal to stop scaling… it is a signal that your LTV math needs to absorb front end CPA degradation by design, because every account hits this wall and the ones that break through have backend economics that justify it.
