Hey Riya,
Yes, you should consider setting all ads under one ad set and consider using the Advantage campaign budget.
• Having overlapping audiences in different ad campaigns will comp. with each other and you end up paying a higher bid for the conversion.
• When you create the new Campaign using the above-suggested changes, Prefer to use new ad creatives/assets.
• Also, Optimise the campaign assets for the suggested platforms.
• Also try to restrict the platform where you are showing the ads, as you will get more returns from the post feed, insta feed, stories, and reels, [experiment with different placement and track the actions for the same]