What the author says it does
Facebook Pixel For WordPress Made Easy
Pixel Cat – Conversion Pixel Manager (formerly known as “Facebook Conversion Pixel”) lets you add a Facebook(Meta) Pixel and Conversions API or Google Analytics Pixel to your site in a matter of minutes.
From Facebook Retargeting to conversion tracking, this free plugin makes setting up your Facebook and Google Analytics Pixel a breeze.
Run Better Facebook Ad Campaigns
Using Pixel Cat, you can track Facebook and Google Conversions and build powerful retargeting audiences.
Track Facebook Conversions
Send conversion events (including the exact amount and currency) to Facebook to Google, so you can track, improve and automatically optimize your ad campaigns.
Build Powerful Retargeting Audiences
Pixel Cat lets you send granular events (blog posts read, products viewed, …) to Facebook and Google, so you can build insanely effective retargeting audiences.
Conversions API
Pixel Cat has a quick and easy Conversions API that will have you running server side tracking in no time.
Upgrading from the Old Facebook Conversion pixel?
This plugin used to be called Facebook Conversion Pixel and was updated to work with the new Facebook Pixel. Facebook has deprecated the old Facebook Conversion Pixel in favor of the new pixel, so we highly recommend migrating.
The opening of the plugin's own description. The full text, installation notes and changelog are on its WordPress.org page.