It did not occur to the author that values above 100% of something may be excessive? Somehow, I don't find that convincing.
> I also shared with them my view that going “above and beyond your work” was the only way to continue learning and developing
That's a strong argument against investing effort and enthusiasm, right there. It's saying that even doing your job properly and well means no development and no "learning".
> it would pay off eventually
1. It.... probably wouldn't.
2. Today's labor market is much more precarious; chances of a person staying at the same workplace for more than several years are mediocre-to-low. So by the time "eventually" comes around, the employee will need to be someplace else, doing something else, i.e. no payoff.
3. Even if the employee stayed put - they will live in poor material conditions while waiting for that eventuality to materialize.