Is it possible to measure Facebook advertising performance for a Steam store listing?

There's no IDFA equivalent on desktop or console, so you would need to leverage a server-to-server connection (or manually via an uploaded offline event set), matching the player back to Facebook via any available hashed PII collected in-game (email address for example).

Integrating the Facebook SDK, for login, sharing, FB Live streaming functionality etc, will also provide an app-scoped FBID for all users who choose to sign in, allowing you to match on this identifier also.

Yes it is possible. It's very much like mobile attribution where you'll have to create a tracking link that sends an install postback. The tricky part for desktop is finding the MMP equivelant for it. Granted I've only worked in organizations with their own internally built solutions, but there are some third party solutions out there.

Mostly Gamesight.io (formerly known as Redshell) is the big player. Then there are a few small ones that aren't as widely used such as Buff Panel and iQU steam tracker.