Does growth really count in VC land if you have to buy it at a loss? I would expect a smart VC to simply discount such an inherently unsustainable version of gr

Does growth really count in VC land if you have to buy it at a loss? I would expect a smart VC to simply discount such an inherently unsustainable version of growth. Is the idea that growth at a loss is still better than nothing? If you have a good enough product to hold its own, shouldn't you be capable of getting at least a decent ROI on ads? If you can't do that, why try to grow? Spend the money on improving your product and branding instead.