Question about Meta Custom Audiences in Data 360 / replacement for Advertising Audiences

Hi everyone! I have a question about setting up Ad Audiences in Data 360, specifically Meta Custom Audiences.

Based on my understanding, the flow should be:

Data 360 → Segment → Activation → Meta Custom Audiences → Meta Ads Manager

So, first we configure a Meta Custom Audiences Activation Target, connecting the Meta Business Manager/portfolio. Then, we create a segment in Data 360 and create an Activation associated with that target. Once the activation is published, the audience should become available in Meta as a Custom Audience, which can then be selected and used for an advertising campaign.

Is my understanding correct?

I also want to confirm whether this is the functional replacement for Marketing Cloud Advertising / Advertising Audiences (Advertising Studio). From Salesforce's current documentation, it seems that Data 360 Ad Audiences is the recommended approach for activating first-party audiences to platforms such as Meta.

For anyone who has already implemented this migration: is the flow really Segment → Activation → Activation Target → Custom Audience in Meta?

And are there any important differences or considerations compared with the previous Advertising Audiences functionality in Marketing Cloud Engagement?  

Thanks in advance!