One problem in these discussions is that people quickly start using absolutist language, which makes it hard to find balance.
The proper course of action is to work with the leadership to figure out when the expected critical points are for the business. This includes fund raising, IPOs, acquisition, or any other time when the company receives a valuation. The goal, for both the business and the dev team, is to make sure that the company has the best possible value at those exact points. You don't want to peek too early or peek too late. The proper course of action then is to prioritize things in accordance with how they impact those points in time. If one's coming up soon, prioritize the short term almost exclusively. If it's years out, plan ahead as a marathon, not a sprint.
For example, it would be a bad idea for me to say "I am not going to write any automated tests" for a 3-week MVP. That decision would lead to me producing nothing.
But once stabilized, and there's no immediate danger of running out of runway, things shift, and the medium and long terms become much more significant. But many startups fail to realize this; they've become too accustomed to the fast-paced, ship-asap mentality. Breaking from it seems to them a decline in productivity, where it's actually just a shift in priorities. There are a lot of contributing factors to this oversights, and they can vary from company to company, but it's continuing to prioritize the short-term is a dangerous act that usually serves neither the end user nor the business.