I don't think it's cynical at all. Quite the opposite: I think it's how functional teams work effectively.
Of course you can get rich from a FAANG job. But most of us don't work at FAANG. And there are plenty of slackers even at FAANG: https://news.ycombinator.com/item?id=21961560 "Ask HN: I've been slacking off at Google for 6 years. How can I stop this?"
My thesis here is that this person wasn't doing anything wrong. They don't need to feel bad about providing value to their employer by only "patching things together from an internal codebase" or "not deeply understanding every aspect of what they do." The vast majority of the world operates this way, and I'm not sure FAANG is much of an exception.