Short answer
HubSpot can turn a contact segment into an ad audience to re-engage contacts on that network. For Meta, a lookalike audience targets people similar to website visitors or a contact segment, but HubSpot's KB says the source audience must already have synced to Meta. HubSpot's own lookalike segments are a separate CRM feature you can use in emails and ads.
1. Connect first
Audiences need a connected ad account. My demo portal has none, so the ads page shows the connect prompt.

2. Audience types
- Contact segment audiences.
- Website visitor audiences.
- Lookalikes (Meta) from a synced audience.
3. Related
Connecting ad accounts and active vs static segments.