The Automation Engine can be used to achieve dayparting. This is especially helpful for advertisers who want to use dayparting but can't use lifetime budgets (a requirement by Facebook).
Make sure you know the on/off hours and the timezone they belong to. Rules use the Rule Set's timezone when checking for time conditions. If your on/off time conditions start on the hour, use a 1 hour frequency. If they start on the half-hour, use a 30 minute frequency. Learn more about how Rule Frequency works here:
Use the Current Time of Day and Current Day of Week trigger options to configure exactly when you want your ads to turn on and off, as shown below: