It might be better using other advertising channels if your competitors are pissing away VC money drastically raising bids and making it virtually impossible for any "proper" business to do well in digital advertising utilizing the same channels.

You can notice this even within sub-segments of Google Ads and Facebook Ads where there is a propensity for advertisers to just throw millions at the channel without expecting to be profitable right away (or ever).

But the good news is that if some channels are over-saturated with "free money", then chances are there are other channels are that undersaturated.