Am I correct to understand that VCs get the same share of the pie, now, that the valuations are lower? So the valuation changes, the amount the VC puts in chang

Am I correct to understand that VCs get the same share of the pie, now, that the valuations are lower? So the valuation changes, the amount the VC puts in changed but not the % VCs get from the deal? This seems that the founders get the short end of the stick, no?