It depends.
I'm a senior SWE at a non-tech (tech is a cost center) company. However, many tech (tech is a profit center) companies - not just FAANG - will pay at least, if not significantly more, for midlevel roles. Hence one of the reasons I don't mind downgrading.
OP mentions "Fortune 500", which I often see used for non-tech companies. If this is the case, the above is something to keep in mind. The downside is you're most likely to be leetcoded during interviews so you need to prepare.