Is it ok to use other ASIN (relevant competitor product) on my PPC campaign?
Wouldn't that only work when someone searches for that particular asin which no buyer does only the competitor?
No it wont work at all
Who type ASIN as a search term? Nobody. You won't get any impression only you will risk suspension because it is against TOS.
Bidding on keywords and brand names is within PPC terms of service. Including brand names in listing content is against TOS.