Is getting promoted to management the only way for senior developers to go up in the ranks in a tech company?

FAANG companies have more levels of promotion compared to smaller companies, which is how more senior developers are able to go up in ranks while still staying in the company as a developer.

However, in Startups and even other non-FAANG big companies, senior developers end up having to get managerial positions even if they prefer more technical roles.

What are your thoughts on this? Share your discussion points in the comments below!