I'm personally not a master's student but I do know a lot of them and I would say the main benefit is if you are trying to learn/research more into a very specific part of CS. if your goal for career progression is to work in a very specific sector that you are interested/passionate in, I think the MS would be very helpful! Would it make you more appealing to FAANG companies? I think that part depends on what particular set of skills you come with that they value, ie maybe they are looking for people who are super knowledgeable in high scale distributed systems and your MS was in that area of study? then I would say definitely yes. I think the general consensus is that work experience and proven ability is the most attractive quality when hiring but a fancy master's degree can't hurt?

It is a plus for sure. My firm is paying for a big part of my MS in CS education so that's why I'm doing it. If I didn't have the benefit, I wouldn't be doing it.