One thing he doesn't mention is the landing page experience. It affects both your quality score which can have big impacts on CPA as well as your conversion rate.
Not sure why people have issue with "creative" as a noun, this has been the standard in advertising for decades. Hell, it's in the dictionary: https://www.merriam-webster.com/dictionary/creative
Don't need to crap on Quantic and the like as much though, they do have some things that Google doesn't.
Some people are commenting on him not giving specific advice for making the creative. As some have pointed out, a whole article could be written about that, or more realistically, entire libraries of books. In short he is talking about ad copywriting, it's a whole discipline that takes years of experience and learning to get good at.