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Yes, it's real in a lot of places. But unlimited PTO doesn't mean you get to do whatever you want without consequences. My firm has unlimited PTO and I have taken upwards of 6 week on average, i could probably take more if i wanted. The key is to do the work when you are there such that your manager isn't motivated to care about your PTO. Unlimited PTO just means HR isn't counting days, it doesn't mean the manager must be okay with you taking however many days you want.
It really depends on the company and group/team but in general it is a scam. At least in my experience.
I get unlimited PTO but so far this year I took 2 days off. I only survive because we have two extra company wide shut downs per quarter. Company implemented this because people can’t really take PTOs on their own (for various reasons)