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The date is normally just an incentive for you to eat things when they want you too. If it’s after the date, they don’t want you associating the taste with their product. Also, your supposed to toss it and give them more money.
In general, it’s better to use your eyes and nose as the date instead of a label. Especially super processed foods like oat cereal, it’s probably just going to be a little bit stale.
I think my issue is paying full price for an expired product. In the UK at least things mostly have a sell by date as well as a use by. We don’t really sell things that go beyond expiry.
Tbh the cereal is probably fine but for something 1 year expired at the very least, it should be discounted to pennies.