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I think you always need to be studying your competitors to see what they're doing. But once you've figured out how the product works and what the features are you should be able to make your own determinations about how to build it, and improve it.
That depends on how easily you think you can duplicate it. If there are aspects that are actually new to you and your team, then definitely explore the product to understand how it was put together.
Focus on understanding the problem the competitive product is solving and build a relevant solution aligned with your product suite. Trying to blindly replicate a competitor’s product will likely lead to some rough outcomes.