I've never been put under a PIP, but if I were, I'd be looking for a way out. The company has told me I suck and, even if I recovered, I'd be concerned that just having had it there would hurt any future progression I had in the company.

My wife went through that at one of the FANG companies. Many years ago. At least in her case, 100% true. Many years later the PIP (which she survived) would come up, blocking her from promotions. People who witnessed the PIP still remained and still had thoughts about it, many years later.

I will also mention talk of managers getting PIPped, she reports that indeed her manager got PIPed by the director above.