Yes most palm oil is treated at high temperatures to remove the smell & colour.
This process would damage unsaturated fats.
Palm oil is naturally high in stable saturated fats which don't oxidise easily. The oil doesn't go rancid like canola oil does at high temperatures.
Palm fruit oil can be extracted with very rudimentary machines (basically a press). Small villages in the tropics do this themselves because it's so cheap. You can't do that with something like canola.
I've been avoiding PUFA for about 6 years now but I have older teenagers. They like pastries, chips & fried garbage. They have their own income & buy this crap themselves.
I try to steer them towards the cheaper brands which tend to use palm oil. I see palm oil as far less toxic than the canola & sunflower oils used in the named brands.
I have a deep fryer full of tallow because I didn't want to make fried foods a "forbidden fruit".