You're not taking into account when the larger company simply won't allow you to to work on X because you're not the right team, title or level.

You may never get to manage a cloud VM. You will probably never get to help decide how a CI build pipeline works, how engineering hiring should work, etc etc.

I'm not discounting your point about learning to develop software at scale, but your overall scope of responsibility is much narrower. It's a tradeoff.