Don't the overwhelming majority of startups fold before anyone can cash out of their equity stake, making any equity you're offered in the employment contract e

Don't the overwhelming majority of startups fold before anyone can cash out of their equity stake, making any equity you're offered in the employment contract effectively worthless? (unless you're incredibly lucky and win the startup roulette) 1%, 2%, or even 100% of $0 is still $0. Am I mistaken about this?