Startup vs. Non-FAANG Senior PM Offer Comparison

Currently at FB, IC4, TC $210k. 4 YOE. Don't like FB (size, WLB, stress, small scope as a PM, commute) and looking forward to leaving. Have offers from a few spots, but deciding b/w a startup and a mid-sized non-FAANG public company. Both have equal signing bonuses so not mentioning that below. Startup Offer: $192.5 cash + $20k equity per year ($175k base, 10% bonus, 0.1% equity valued at $80k post exercise cost over 4 years). Series B, 50-75 employees, valuation ~$100m. Founders have successfully exited before, team is smart, product is well liked, and business model is sound. I expect to work hard (~50 hours per week), but it feels exciting. I've worked at a small startup in a non-PM role before and it was the best job I've had. Non-FAANG Offer: $242k/yr total ($180k base, 12.5% bonus, $160k RSUs over 4 years) Company is in turn-around mode after under-performing post IPO years ago. Lots of talent has left, but there may be opportunities to get promo'd quicker, and it feels like a 40-45 hours per week type of role. Also better benefits like 401k match and fitness reimbursement My heart is leaning towards the startup. Even if it never exits, I think I'll be happier and learn more. Would I be crazy to give up almost $50k per year in cash comp to work harder, but potentially be happier and learn more? I can see myself being a serial startup guy and potentially starting my own company one day.