Yeah except your promotion isn't usually a level, it's lead, manager, director, or chief. You leverage that and walk to a slightly larger company in that new role after a couple of years. Then rinse & repeat once or twice and you just shaved off years of slogging through the FAANGs.

After all of the above though, I would put 2-3 years in at a FAANG and then do whatever the heck I want.