I don't understand this statement: "Would I have to take a cut to get a product analyst role and work upwards".
How else are you supposed to make a transition into a generalist role from a specialist one?
It's not a cut,you are changing the domain.You do realize that simultaneously you will be communicating and managing the stakeholders across different verticals without any authority.
Maybe things would have been easier if this was 2021 where Uncle Sam was printing money like anything and VCs were distributing them like freebies.
Wake up Buddy , it's 2023.Become a good Product analyst first, shadow a PM or SPM for good 10-12 months.
Ask for promotion or apply for PM roles in new company,it would be beneficial for you in the longer term.