The second job I landed in tech was a FAANG. I completely agree that you shouldn't target FAANG type jobs for your first job. Not because of the other applicants. I could care less about the other applicants.
Where I work and do tech interviews (AWS), it's not about the other applicants. We don't look for the best person out of a pool of applicants. There's one question and one question only: Is this person better than half of the people currently doing this job.
If you're better than half of the people currently doing the job, you're hired. If not, you're not. And the issue is that it's really hard to have the breadth of knowledge necessary to meet that bar without previous experience.
I work in premium support for security. To be better than half the people already here you have to know the following really well: Linux or Windows; Networking; DNS; Encryption; SSL/TLS; Network/OS Troubleshooting; Web App Vulnerabilities; DDoS attacks and mitigation; and more. It'd be very hard for anyone who hasn't done this professionally to be exposed to enough tech to have that sort of depth.