Max sharing can definitely throw things off for a bit, especially if your pixel setup wasn't built for it. What happens is the algorithm starts casting a much wider net, trying to model on a bigger audience instead of the people who actually convert. So you end up paying to reach folks who just don't resonate the same way. It usually takes about three to seven days of fresh conversion data at the new setting for the system to recalibrate, but some accounts never bounce back if the foundation isn't solid.
My team hit this same wall a while ago, and what worked for us was switching straight back to conservative sharing while we audited every pixel event. It's tempting to rush, but taking that week or two to clean things up pays off. Make sure you're tracking purchases properly, not just add-to-carts or landing page views. If your pixel's been running since last year but has any hidden misconfigurations, max sharing will shine a spotlight on every weak spot.
Once your events are spotless and you're consistently seeing 50+ conversions each week, then test max sharing again. Some people get great results with it, but you need real conversion volume and pixel accuracy first. It's not magic - it's about setting the stage so the system can do its best work. You've got this!