Hi Alex,

Thank you for reaching out to our API support team. You may refer below for my 
responses :

1) Does that mean that using the API I can avail of more granular targeting 
options compared to the UI, or is there a good reason why this is not available 
through the UI? For example that the level of granularity is too low for any 
reliable data to be returned ?

Location targeting using the geo codes should be similar for both the API and 
UI. This is because the API mirrors what is available in the UI. As for the 
codes not showing up in the Keyword Planner or in the UI in general, I would 
recommend that you reach out instead to the Google Ads Product Support team, 
via this link, for further clarity.

2) Is there a way to match the criterion ID from the geotargets list to 
something I can visualise on Google maps and a way to find out what's the reach 
in terms of audience? (attachment "reach") this the information that I can 
normally find on the UI map when I search for a location, but obviously it 
won't work for locations that are not available through the UI.

In the API's perspective in terms of retrieving reach information, you can 
check out our reach forecasting guide. You can specify a media plan, then 
generate a curve.

Best regards,

Peter Laurence Napa Oliquino
Google Ads API Team
ref:_00D1U1174p._5004Q2QFJh1:ref

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