This is not anywhere close to true. Have you built a bootstrapped startup from scratch and negotiated an acquisition? It's far, far harder than practicing a few leetcode Facebook problems and getting a referral.
Even now that I work at one of the Big 5 tech companies, I clearly state that my role is not officially development, I still have recruiters reach out to me from FB for development positions.
No I couldn’t pass any DS&A tech screen without a lot of preparation.
The hard part is passing the interviews, but referrals don't help with that, from what I know.
Either way you still have to go through the same loop.
Yes, I “work for a FAANG” like many others do here.
FAANG interviews are not even close.