What should I hold out for?

Company policy dictates we don’t talk comp outside of performance review time, and for the past three years there have been extenuating circumstances around each performance review period. Most have been understandable and reasonable on their own, but the material reality is I haven’t seen a raise tied to performance in that entire time. This year’s excuse is the weakest yet; they are claiming budget constraints after not just layoffs but several people outright quitting for various reasons, some directly involving comp. The clear takeaway is that they either cannot afford to or will not make room in the budget to increase my comp no matter what skills I offer and no matter how much extra time or effort I put in to hit deadlines. I have raised these concerns, as well as some of my coworkers’, with my direct manager, but I feel unheard. It will soon be time to move on. My comp stagnated, but my skill, job title, and responsibilities did not. I feel like I am worth the additional 3 YOE whether the company claims it can afford this or not. So, best case scenario, the next offer I get is a significant jump in pay reflecting everything I’ve learned. On the other hand, even a low offer might seem tempting at this point, since I’ve already missed so many opportunities to negotiate a real raise. What’s my best move?