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Definitely, the usual things that are checked would be whether the page loads, whether the creative is offensive, etc.

Facebook gets a lot of flak for having poor ads, but they have a pretty comprehensive list of rules [0] and they actually enforce most of them through semi-manual audits of the first few ads each account creates.

Most networks will say that content of their ads must not be deceptive, but ultimately they can only audit a small percentage of them.

Usually they have heuristics to try to identify the most "high risk" categories such as adult / alcohol and they will make sure those are not being targeted to minors, as they would get in trouble otherwise. But "miracle pill" and "doctors hate him!" ads are harder to automatically filter out.

[0] https://www.facebook.com/ad_guidelines.php