In the link, Mike shows a chart that reports that Temu began running ~15,000 campaigns near the start of April. Our charts show no correlations with the charts he presents in this thread.
That's not to say that Temu's presence isn't affecting your ad accounts. But on the whole, we can see no recognizable "poisoning" of the ad auction because of Temu spend. In fact, Meta CPMs seemed to cool off slightly at the start of April.
Fear, uncertainty, and doubt are mind-killers, in the stock market and in entrepreneurship. (Have you seen Dune 2 yet?) What I mean is that the importance of macroeconomic effects must be measured by their impact on your specific business instance. Perhaps you sell something that has a dupe on Temu. Your performance may well suffer because of Temu's deep pockets and price-sensitive offers. In this instance, it's the right time to consider Mike's advice.
But perhaps your brand ISN'T affected by Temu at all. Let's look at clickthrough rates: