Similar for me. I also work in a non FAANG but big, well-known company. This year's average salary increase was set to 2.7%, despite having a "record year" and despite last year only getting 1.2% "because of Corona".

I decided to leave and I am already in contact with some headhunters that were already nagging me on Linkedin etc. Good thing it's so easy to find a new job these days. Companies should try harder to hold their trained employees.

In the long run (maybe after my next job) I might turn to freelancing.