Based on the ads I see in my timeline, they didn't do a great job at that. I have used the service for many many years and I have literally never seen any ad that I wanted to click.
Maybe they do better for the US, but they seem to have done far worse than their competitors in ad space.
I've used Twitter for almost 13 years (!!) and its ads are barely relevant to me. An example of Twitter missing the mark: my Twitter mute list includes a bunch of cryptocurrency keywords and yet Twitter still shows me cryptocurrency ads that include those muted words. I've explicitly told Twitter that I'm not interested in cryptocurrency, but they show the ads anyway. Perhaps Twitter still considers me in the target audience because I've proven that I what cryptocurrency is by muting those keywords.
In contrast, I joined Instagram just last year and use it very little, but its ads are much more (sometimes almost scarily) relevant to me. My wife is a big Instagram user, so perhaps Instagram has a shadow profile for our home IP address and I'm seeing ads personalized based on her activity (and thus peripherally relevant to me).
Maybe they do better for the US, but they seem to have done far worse than their competitors in ad space.