At the same time, it really depends.... I'm pretty confident that there are very few engineers at FAANG that can't be replaced. I'd also expect there are very few engineers at Epic, Activision, Blizzard, Naughty Dog, Sony, Rockstar, Ubisoft, Valve, etc... that can't be replaced. Sure, if 30%-70% of the team left on any particular project it would probably die, but at least for AAA titles, there's usually no one person responsible for that title's success? Or maybe there is but it's limited to a few key people and not every person on that team.
IF you're at some indie firm with 5-15 people that's probably less true.
I mostly made this comment because in 1983 most games were made by 1 to 3 people max. By the end of the 80s there weren't many games that had more than 20 people on them and usually they took less than a year to make. It was only in the mid 90s that we started getting 30+ people teams trying to fill a CD with data and it arguably wasn't until the 2000s that we had games that it was common to teams of 30-100+ people multiple years to make.