This is not true for the vast majority of software engineers. It probably only applies to 2% of the total SE workforce that got lucky to be at FAANG or FAANG adjacent companies during a certain time period.
That's for sure. I've had a lucky career where I feel like I've made above average compensation the entire time, but my upside is that I can maybe retire in my mid-50s rather than mid-60s. Which is about when (I fear) ageism would kick me out anyway.
Way more than 2% of software engineers in the us are earning at least two or three times the local median income and, barring lifestyle choices that prevent it, that's enough for very early retirement.