Not really. Working at a startup is almost certainly going to result in lower compensation than working at an established company that grants RSUs or options.
The decline in IPOs is a net negative for engineers who work at startups. At the same time this has been happening, larger companies have been increasing compensation for engineers.
The situation is now like this: you can work at a startup for several years and hope to make a big windfall if you get in early enough to get a lot of shares and there is an acquisition or an IPO, or you can work at a FAANG company for 5 years and make a million dollars or more with none of the risk, better benefits, and probably better work-life balance.
Some people are passionate about startup culture, and they should probably go work at startups, but for everyone else startup work is becoming an increasingly larger sacrifice.