No one can guarantee a successful exit, but if it does happen a cofounder typically makes out very well, while engineers with options usually end up with a token amount.
Young engineers need to grow up and learn from previous generations of professionals. The generational divide is funded by corporate and VC interests under HR classifications as "cultural fit".
In reality we all are "just a cogs" in a somebody "value extraction" plan. And as such we must demand fair wages and clear career paths.
P.S. Downvotes don't remove the reality of my statement.
Not at all. This approach will make more effective salary or wage negotiations. As a side-effect this will lower the possibility of low payment for overtime work and will create more quality in the product pipeline etc.