Earlier quoted context omitted.
I've worked and interviewed at dozens of companies and literally never experienced a company that had more than 2 interviews plus a discussion with a hiring manager or HR. I make half-ish of a FAANG salary, but it's enough to comfortably support a family and I'm generally pretty happy and get to work on cool stuff. The only challenge I never get at work are problems that have huge scale components.
Interesting, I’ve interviewed at all of the FAANGs other than Netflix, plus maybe 10 or so much smaller companies. In general the smaller companies all seemed to want to emulate the FAANG hiring process with 4-6 rounds of interviews with engineers after an initial phone screen. I think only 1 or 2 of them limited their interview to just 2 rounds.
If you're early in your career, they probably matter and it might be worth it, but for me it's not.
Maybe it'd be different in Silicon Valley, but in London they just aren't willing to offer enough over and above the kind of jobs I've had elsewhere to be worth the misery (with the big caveat that I'm at the high end of non-FAANG London market rates; for someone who is not, FAANG may be worth it here too)