1. One CBO campaign per ad set would work exactly same as ad set level budget. 2. If multiple ad sets, then yes due to CBO, more budget would be allocated to better performing or significantly higer audience size. No using CBO Regardless of using one camper per ad set or multiple, both would be same as you will set budget at ad set level, now 10 ad set with budget under same campaign are same as 10 different campaign with each ad set.