Do you have actual evidence it excludes them?

You're making the stronger claim.

Experience says most absolutely don't jump ship every 2-3 years in the kind of companies I mentioned. Now, if you think companies are playing a rotating musical chairs game and are majority new people every 5 years, ...

Well your anecdotal experience means no more than mine across 10 companies - including startups, small to medium size “lifestyle companies” and two at the time I worked there F10 companies - GE and Amazon.

I can’t go to management - who when I was working as a tech lead pre 2020 - were CTOs, Directors, founders and at times having to talk to the PE owners without solid data.