This is super confusing and Meta needs to update it…
Right Column is a Feed Placement
It seems this has been in the process of changing for at least a few months now, if not longer. When using manual placements, Right Column is listed with the Feeds. In the past (maybe a year or two ago), it was included with Search Results.

It makes sense to be included with the Feeds since Meta now recommends square for images and either square or 4:5 for videos instead of the old 1.91 to 1.
The Problem
But Meta hasn’t updated some of their most important resources. Even if you look at that image above, Meta recommends 1.91:1 for Right Column, but shows and example that uses what appears to be 4:5.

When you upload a new image or video, you’re asked for square, 9:16, and 1.91 to 1 versions. For that final 1.91:1 group, it reads that it’s for Right Column and Search Results.

Even when you customize by placement, Right Column is included with Search Results and not the Feeds.

What to Do?
Bottom line: Don’t let this confuse you. Use either square or 4:5 creative for Right Column. The more real estate, the better.
But, yeah. Meta needs to update their stuff!