A new empty project exported to HTML5 with advanced minification is just 210kb zipped. Even uncompressed it's about 500kb. Anything above that is the content of your project, which is up to you, not Construct.
The technical restrictions on single-file Facebook Playable Ads are strange and contradictory. They set a maximum file size, and then also impose rules that cause the file size to increase, such as having to encode binary resources as text in base64. Even so, a new empty project exported as a playable ad with advanced minification is 166kb compressed, or again 500kb uncompressed.
Facebook have been impossible to get hold of for any questions I had or for any technical support with quirks with their tooling. Do they count the compressed size? If not why not, since they seem concerned about the file size? Compressing it would be an obvious thing to do. IIRC, there was an option to use a zip of a HTML5 export; try using that if you can. Otherwise I'm afraid you will just have to work within the confines of their (partially documented and contradictory) limits. As far as I can see the engine overhead is reasonably low given how many features it has - and is certainly less than the 1.4mb you stated - so you'll just have to be careful with every single thing you add to the project.