Reality check. The issue was initially brought up by Navah Hopkins, Brand Evangelist of Optmyzr on LinkedIn, based off a conversation she saw on Google’s help forum. There we see a Google advisor commenting that placement exclusion isn’t supported in PMax campaigns:
However, recent testing by automation expert Nils Rooijmans confirmed on LinkedIn, that API-originated placement exclusions are indeed working for Performance Max campaigns, contradicting Google’s official position:
Another advertiser in the help forum states they are able to add exclusions through their API.
Bottom line. The documented behavior suggests Google’s official stance may need updating, as API-based exclusions appear to function similarly to UI-based ones.