No, what they are saying is that people present a false dilemma where your options to work are either at a FAANG or at a startup.

Most people work at non-FAANG companies. If you're going to do a write-up on relative merits of working at a startup vs a larger company things are going to lean heavily in favor of the FAANG because the overall risk to compensation is much more favorable.

But if you compare a startup to a more standard tech company then each side will have more pros and cons.

No, and I don't think that's the parent is suggesting that. They are saying if you are looking for a challenging, highly rewarding role, FAANG is a better fit than startups.