Depends on the person, the role, when they joined, etc.
Almost every company has a non zero amount of people who would like to bail, but have been better off staying with a shitty company that is circling the drain.
Sometimes those people are still pretty new hires. Sometimes it’s the opposite, and it’s people that struggle to find equivalent compensation elsewhere because they’ve been at the company for too long and they don’t have experience with anything else.
There will be people that had options and made bad choices, but there are almost always some people in a company that have fewer options than you might realize.