No. Currently, we do not give users the ability to edit live ads (e.g. changing the targeting or creative), as this makes previous data not reflective of the new creative/targeting, and editing an ad resets the FB quality score stats (which influences if your Ad actually gets delivered or not). We recommend making new ads instead for now.
Note: We are working on redesigning our system to allow you to edit your live ads in the future - stay tuned!
However, we do allow you to swap out entire posts (just not one piece of it, e.g. the image used). To do this:
1. Navigate to the Facebook Ads level view and find the Ad that you want to replace the post for, and check the box for that row.
2. Click on the Bulk Actions menu option and select Change Posts. Here you can enter the Story ID (the Post ID) for the post that you want to replace it with.