Not an expert myself, but I don’t believe $200k/year counts as a “FAANG salary” for anyone with founder-level responsibility.
It's a pretty decent compensation though. The base salary of a mid-level position at Amazon with substantially better equity terms (no cliff, no one deciding your bonus will be cut without your input, etc). It's a far cry from the PG ideal of salaryless founders surviving on instant ramen in their garage.
It's not unequivocally better, but it's certainly a trade-off that some people would be willing to make.