I think you are right.
Though it is harder to get a lower level job once you’ve been at a higher level, because people think you won’t stay at the lower level. It’s a catch 22.
True, sometimes you just have to leave stuff off the resume if you want to get a lower position. Even then, they may be wary of a work gap. Still, I think it would be better for him than holding out for a CFO position that isn’t likely to come.