I think a founder/early gets away with "CTO" on their resume, esp. if they're the only person in the org with the role (ie: it's a PM-style CTO, and there isn't a VP/PM; or: it's a VP/E-style CTO, and there isn't a VP/E). But outside that circumstance, given the choice, I'd rather have the VP/PM or VP/E role than "CTO".

(As we get deeper into these threads I am further out on a limb.)

Yes, I was one of the first hires. My role was closer to VP/E and "CTO" was mostly vanity, a reward for being early and getting a new company through the first couple years.