As per Google’s redefined policy “Yes”.

Certainly, not without its caveat. If you are listing all the trademark's names in the Ad text (If it is search Ads). Then your account or your ad might be banned.

Trademarks - Advertising Policies Help
Google abides by local trademark laws and requires that Google Ads ads don’t infringe on third-party trademarks. We recognize that third parties may properly use trademarks in certain situations, such as by resellers to describe products. If a trademark owner submits a complaint to Google about the use of their trademark in Google Ads ads, we will review it and may enforce certain restrictions on use of the trademark. If you are a trademark owner concerned about the use of your trademark, please review the policy outlined on this page and see the Help for trademark owners page for more information on how to submit a complaint. If you are an advertiser and have questions about how this policy may affect your ads, please visit the Trademark help for advertisers page. Trademarks in ad text In response to trademark owner complaints, we may restrict the use of trademarks in the ad text. There are specific requirements for resellers, informational sites, and authorized advertisers who want to use trademarks that would otherwise be restricted. Reseller and informational site policy Ads may use the trademark in ad text if they meet the following requirements: Resellers: The ad landing page is primarily dedicated to selling (or clearly facilitating the sale of) products or services, components, replacement parts, or compatible products or services corresponding to the trademark. The landing page must clearly provide a way to purchase the products or services and display commercial information about them, such as rates or prices. Informational sites: The primary purpose of the ad landing page is to provide informative details about products or services corresponding to the trademark. The following is not allowed under the Reseller and informational site policy: Ads referring to the trademark for competitive purposes. Ads with landing pages require users to provide extensive information before displaying commercial information. Ads that are unclear as to whether the advertiser is a reseller or informational site. Authorised advertisers Advertisers may use the trademark in ad text if the trademark owner has authorised them. If you are a trademark owner and would like to authorise an advertiser, please see the Help for trademark owners page. If you are an advertiser seeking authorisation, please follow the instructions on the Trademark help for advertisers page. Term not used in reference to a trademark The following types of ads may use the term in ad text: Ads using the term descriptively in its ordinary meaning rather than in reference to the trademark. Ads referring to goods or services that do not correspond to the trademark. Ad extensions and other ad formats For certain ad extensions and formats only, ads may use a trademark in ad text when referring to the trademark to provide additional information about the advertised products or services. Trademarks as keywords We don’t investigate or restrict trademarks as keywords . Trademarks in EU and EFTA polic
https://support.google.com/adspolicy/answer/6118?hl=en-GB

As per reseller and informational site policy. Ads can use the trademark or the competitor's name. But the Ad should be completely dedicated to the Trademark.

If I am correct. You can use the brand. Until the trademark owner raises a complaint. My advice is to check with your Google Ads account manager. It's worth trying from a new Ad account.

If you decide to use your competitor's brand name as per Google's policies. Please share your results after 15days of posting the Ad. Even I am eager to know the results.