This is an interesting take, and largely correct, but you describe these "waves" as if they are some literary or artistic trends that just play themselves out, and not takes on a very real situation, which is what they really are.
Yes, the 2nd wave of cynicism is now well-established, the comments are predictable and preaching-to-the-choir.
However, has it become any less correct or accepted? This isn't literature or art where folks will become disenchanted with a take purely because it has become cliche.
IMHO the answer is "no". This take has indeed become so established, that it is now simply taken for granted, as the foundation for discussion on sites like Blind.
Everyone understands that startups now provide less value to their employees than top tech companies (FAANG etc), the startup culture in the US is doing nothing to address this (senior engineers are still getting crumbs of equity, your total compensation at a startup will still be far lower than FAANG, there is effectively zero concern for providing the long-term career growth you'd get in top tech, etc), so nobody takes startups seriously as an option unless they are among the handful of well-known unicorns.
Everyone is targeting top tech ("FAANG") and pre-IPO unicorns and that's it.
It's widely accepted that you'd look at any non-unicorn non-pre-IPO startups only as a fallback option after completely failing to get an offer from any of the above. Even then, you'd constantly try to ascend to the real winning options, and any call from a FAANG recruiter will take you away from the startup role you had to settle for.
I believe startup culture can change that, but it will take much effort and actual sacrifice (e.g. reserving more equity for employees). Until then, startups will remain a strictly less desirable option, and just because everyone now knows and agrees on this take doesn't make it any less true. I anything, it's becoming more entrenched and harder to change.