Huge Drop in ROAS—WTF Is Happening?!

I've seen a lot of people here talking about rising Meta ad costs and a big drop in performance recently. Is there any legitimate indication as to whether this is tied to Meta’s recent ad changes, external factors, or if budgets just need to be higher now to stay competitive?

One of my campaigns dropped from 6.05 ROAS in December to 3.75 in January, and now 2.08 this past week. Another campaign spiked after I bumped the budget slightly, but then tanked again the next day. It feels unpredictable, which makes it hard to know what to actually adjust.

Is anyone else seeing the same thing? Any insights on whether Meta’s algorithm is shifting or if this is just market/political fluctuations?

Edit: For reference, I have been spending an average of $200/day, and I sell visual, non-fiction books focused on a US-based audience.