Yes and no.
Your dream of being POTUS, director of the CIA, NFL QB, neurosurgeon etc., dreams you had as a 10-year old? Yeah most folks give that up by 25.
Being the best at your career and moving up the corporate ladder? That doesn't go away for awhile.
THEN......you have to decide if you want to be a people manager....middle management. In order to get to the top, you will have to navigate those waters.
What's better: low/medium stress and making $110k/year OR high stress making $160k/yr as a middle manager dealing with annoying VPs and trying to handle 20 different employees that report to you? What good is the extra money and additional PTO if you can't use it?
The higher you go as an individual contributor (associate, advanced, senior to consultant), the more you see how the managerial grind isn't always worth it. Seen it up close with previous bosses. Staying late until 6 or 7pm, glued to their computer and have 2,000 unread emails in their inbox. Shyt ages you fast.
People DO NOT lose ambition. What they GAIN is perspective. Once you get to a certain level financially, quality of life matters more. That level of money is dependent on each person and their circumstances. In general if you have low debt, can save lots of $$$, max out your 401(k), buy random shyt off Amazon without thinking about it and travel when you want and aren't overly stressed at work....whatever that salary is.....you'll want to stay there.
I see older coworkers buying new homes, traveling wherever and just living comfortably. They have all the aptitude needed to be a great people leader but the extra $30k to $50k isn't worth the tradeoffs.