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You're the only one that can TRULY answer that. But from the outside looking in, that's what it sounds like to me. If they were serious about making it happen, they could've by now.
Sounds like you really have the advantage. They have you but won’t promote you, fine. To me that’s job security. At the same time, I’d be selective about your next role. In your exit interview why you are leaving, you weren’t given what you were offered or what you asked. Done deal.