Comment by Mougatine

You don't need a PhD for DS/ML Engineer. Even at FAANG, even in their research labs.

Usually a PhD is only in the requirements for Research Scientist (RS).

That said, I did a PhD (and am now a RS). It's a fantastic opportunity to learn fully focused during a few years.

But if your sole objective is the career (which is ok!), don't do a PhD. There are much easier ways to break into ML industry.