It’s even more demotivating to not have a job to come to because you aren’t delivering value to your paying customers or you didn’t have a product that convinced your investors to keep pumping money into your business.
There has to be a balance. The company can’t exist without both customers (either internal or external) and employees.
Speaking purely for myself here, but no, that's not as demotivating. Having to deliver crapware is demotivating, because you know that either the customer or yourself will get burnt by entirely preventable problems. Having to chase a new job is stressful, but not as demotivating since you know (or, have faith that) the stress is temporary.
There has to be a balance. The company can’t exist without both customers (either internal or external) and employees.