Got a 4% raise here.
AFAIK, none of the big tech companies are doing comp adjustments based on inflation. They never did, they never purported to, and they never will. From my observations, employees are particularly antsy about this comp cycle because most stocks are down anywhere from 25 to 75% from recent highs and people want to see some sort of "silver lining" to compensate.
For my company, equity refresh grants were priced to the stock price average for February, meaning a higher number of actual stocks than if the stock had been higher (though to be fair, there were additional drops in most stock prices in March)
The "exceed expectations" stuff is mostly fluff. You know how you don't want to be an asshole to your close coworkers? That sums up performance appraisal forms. Your manager isn't the one setting raise budgets and because of the current high attrition in the industry, they don't want to piss anyone off, so dividing their pot equally among reports is the "safe" option. I'm willing to bet most bay area tech people here at L5/L6 levels got somewhere around $7k-10k raises regardless of previous comp.
There is however an extra "secret" compensation pot that not many people are privy to: performance bonuses. That one can be a 6 digit number equity grant on top of regular TC, and are given to people that a company really doesn't want to lose. My personal impression is that the heuristics for whether you get this bonus are not related to perf appraisal at all, but rather they're related to having made significant contributions to your boss' boss' boss' OKRs.
IMHO, if you're staff level (~500k TC) or above and you didn't know about what I just said, moving is kinda risky. To put it in context, according to levels.fyi, less than 10% of the engineering workforce at big tech is at that level or above. When interviewing, you're typically competing to be better than 50% of the people at that level, according most companies' hiring criteria. This means you realistically need to have a high degree of confidence that you're top ~5% material and that your not getting a perf bonus was in fact unfair due to an objective reason (rather than "I think I'm awesome because my boss said so in perf appraisal").
For L5 (~400k TC), the odds are a bit more forgiving, though not that much (you need to be top ~15%, give or take some). I have conducted a few hundred interviews for Senior SWE positions and the stats for job offer acceptance rate hovers around 1 in 10, which more or less corroborates. FWIW.