Future investors can negotiate liquidation preference and participation terms that will give them a bigger part of the pot than their % ownership during a “liquidation event” I.e. basically any outcome other than an IPO will trigger those rights

But aren't the terms of a SAFE that you'll get the same terms as the best terms (MFN) offered to investors in the next round, up to a cap?

Seems like you get just as diluted by future rounds as the professional VCs that will make up the next round, if you get the same terms?

FWIW I don't think angel investments make any financial sense but see them as a minor chance of upside and a significant way to help and connect with people.

Sure. But "liquidation events" are not the events that give you the wins. The point of angel is to get in while the company is cheap. Dilution is part of the math.