Indeed. And this certainly doesn’t apply to all STEM fields…even ones related somewhat to CS like EE.
An older cousin who spent a decade as tenure-track/tenured faculty as an EE Prof left academia to co-found an engineering tech startup a decade ago partially because he found the level of research in his area of academia was 5-7 years or more behind that of private industry.
And incidentally, this was long after he dropped Harvard from consideration for PhD because back when he applied, they were even more behind and lacking in resources compared to the Top 8 department where he earned his PhD.