That's not quite right. It's not the complete picture. Facebook, Google, and others don't sell advertising exactly. What they sell is the proven capability to subtly manipulate a target audience to achieve a desired outcome. The effect is beyond what we think of as typical advertising. They didn't get as big as they are by selling clicks.
I'm not sure what "manipulating a target market" means... If you buy something from me, you were't necessarily intending to, does that mean I have manipulated you?
Google is the world's largest
digital advertiser and generated $150B doing so, largely defined as pay per click and related ads. That revenue is generated whether the desired outcome, a sales transaction, happens or not. Been there done that, paid the bill. They absolutely got as big as they are selling clicks. I can't speak to FB.
Charlie