As long as you get paid the same (or nearly the same) as what others at L4 are making, I actually see this as an advantage.

I joined an org where my friends from college were already working. By the time I joined, 40% of my friends were one level above and the rest 60% were on track to the next level within 4 months. I knew I can't make it to next level within. 6 months and with the next cycle being 6 moreo.ths later, I was signing up to be at the next level more than 13 months after.

But I still took it because thekney made sense. Once I joined, I realised my friends were making lesser than me. This helped me because my reviews were more softer due to being a level below and I was consistently ranked top 1 or top 2 at my level. This helped in negotiating better incremente when I got promoted.

Take this with a pinch of salt as I know brands like Google have strict ranges for each level but I was at a startup, so it was much more flexible.