This is a clear cut objective summary IMHO. Couldn't have said it better myself.

Also like you said, there are downsides to working at FAANG. However there are downsides to working at every company, and IMHO, the downsides at FAANG and FAANG-like companies are at least compensated for by the upsides.

The one exception might be Amazon. I'm just hearing too many horror stories coming out of Amazon that it might be the one FAANG I have zero interest in working for. But even then, if you can bite the bullet and put up with everything for a year, you'll probably be in a better spot for the rest of your career than if you were to have been at some lesser company.