The only times Ive gotten promotions was to get hired elsewhere. Better title, more money.
Its well known that retention budgets are laughable or nonexistant, and new hire budgets are well stocked. That means that if you want to grow from what youre doing, you gotta leave.
Of course if you don't leave they may lay you off at any time. However assuming that doesn't happen they will eventually give you a large raise.
"Just hold out until they are desperate enough that they HAVE to give you a large raise!" is laughable.
Every single day you don't quit and get paid what you are worth, is a day you are leaving money on the table. Imagine waiting years for that big raise when you could have left and made tens to hundreds of thousands more in that time.
Holding out isn't ideal, but it might be the best for you.