A couple of thoughts:

1. Accepting this is basically the same as saying they own your brain's output 24x7x52. If you're willing to work 24 hours a day, 7 days a week, 52 weeks per year for a company, make sure you're being compensated as such. If they aren't willing to offer such compensation, maybe it's not a good deal.

2. You may be able to negotiate an exception to the clause. Depends on how much they want you, and how much you're willing to invest in fighting the issue.

3. The clause may be moot anyway, depending on local law where you are located. Generally speaking, employment agreement language like that does not override State level law for the state where you're located (assuming you're in the US). Might be worth talking to an attorney if you want to be really sure what your own situation is.

4. The last time I was in this situation I did the whole "disclosure" thing and just played the same game(s) that people do on patents - I made every "prior invention" or "existing project" as intentionally vague and over-reaching as I possibly could, to try to ensure that it would cover anything that I had actually worked on, or anything I anticipated I might work on. I got a little bit of push-back from the company, but in the end I think they accepted what I initially wrote up. Maybe I made some small tweaks, I don't remember all the details now, that was quite some time ago.

I enjoy building stuff, and work is secondary.

Same. My $DAYJOB is just a means to an end, where that "end" is "pay the rent, buy food, etc." I don't derive any of my personal sense of satisfaction or joy in life from my job. I reserve that for the stuff I do on my own.

A great thing about working in California is that state law makes employment contract clauses that say the company "owns your brain" unenforceable. Among other things that puts a real damper on lock-in with non-compete clauses. Employment contracts typically have a "list of inventions" attachment, on which you can list everything you lay claim to having invented (whether you actually worked on an artifact or just designed something). I was at times extremely liberal in what I listed as inventions, and no employer ever balked. FWIW, that includes two FAANGs.

All that said, if you intend to moonlight on a project that significantly overlaps with your employer's business, you're on shaky ground ethically and legally. For such projects it becomes difficult to claim you did all the work on your own time, with your own resources.

It's not just FAANG that does this - it was pioneered, iirc, by GE back when Edison was still running the joint

I haven't worked anywhere "interesting" where this was not the case (except one non-profit in college)

That said, just because your employment agreement says what you do on your own time on your own equipment belongs to the company only does if the legal system decides it does

If you work for, say, a cybersecurity/network monitoring company and you develop a novel way of doing monitoring "on your own" ... yeah: that's gonna belong to the company

If you work at the same place and develop a clever way to increase fuel economy on an airplane engine? No, the company won't own it - because it's too far afield from their core competencies/areas of interest

The best way to approach this, though, without getting lawyers involved unnecessarily, is to get sign-off from $JOB that $PROJECT is not "theirs" ...and then stay the heck away from the company's core business with whatever your "project(s)" may be

You should work someplace else

They’re obviously not a philosophically aligned with you.

There are plenty of places without egregious personal project policies.

Personally I would pass on this offer unless I was in desperate need of money.

If you find joy in your side projects, would abandoning them make you feel bad?

If you have ideas and will to do something right now do you see yourself with same enthusiasm on those same projects in few years?

Can you put your life aside for few years?

Those are the questions that I would ask my self before taking on such job.