There is no guarantee that will happen.

"Just hold out until they are desperate enough that they HAVE to give you a large raise!" is laughable.

Every single day you don't quit and get paid what you are worth, is a day you are leaving money on the table. Imagine waiting years for that big raise when you could have left and made tens to hundreds of thousands more in that time.

I did not say don't look for a new job though. I said that if you can't find one. Sometimes you can't find a better job - better is more than just pay, there are other factors that may apply to you personally (ethics of the job, working hours, where they need you to work, how much travel...)

Holding out isn't ideal, but it might be the best for you.