This is exactly my case.
Here are my w2 compensation (salary+bonus+rsu) changes YoY working at $Yelp and $Grab:
2025 35.96% (projected)
2024 20.77% (projected)
2023 30.39%
2022 -0.65% <- promotion
2021 34.25%
2020 65.06% <- job change (December 2020; 2020 had a big jump due to unemployment in 2019)
I don't think my work hours, responsibilities, or work stress has any connection to my compensation or career growth, primarily due to the "work smart, not hard" thinking.
Even if you have zero promotions or changes in responsibility, RSU grants compound, even if your salary increase by only 1-6% (like mine did)