How much does years of experience actually matter to be a Senior SWE?

I recently had a conversation about promotion with my manager. It seems I am primed to move from L2 -> L3 which I am happy about, but I was more curious on making the bigger jump to senior as that’s when the scope and responsibility become greater. According to him I already demonstrate senior level qualities whether it’s being completely reliable in shipping features, scoping out work and planning projects, to working with engineers outside my team to work on broad initiatives to benefit the whole org. All of which I have already done to some extent.

I asked him after I move to L3 and prepare for senior if the years of xp is still a hard requirement and he said yes. And that being a senior after 3/4 years in the industry is a bit quick and needs at least 5-7. In that case if the years of xp is so important, should I even operate at a senior for 2 years if I can’t even be considered for it until some arbitrary time has passed? It seems like extra effort to be paid the same.