In contrast, in a startup that I worked at, the team lead would make it a point to trivialize anything the person who left had worked on even if they were an exceptionally strong contributor.
Just curious what everyone’s experience is
That guy ^ is a jerk. Also, you have to consider that in many areas, a lot of people know each other and talk to each other. So it's both morally and practically wrong to downplay somebody's work. And really, there's no reason to - one has to be a completely insecure ass to consider somebody else doing a good job being some kind of a threat to them. I'd say if anything, err on the side of more praise and recognition - after all, what the worst that could happen? They won't get promoted instead of you - they already left anyway! And if people see that you are willing to give credit when the credit is due - both your credit and your complaints, if it becomes necessary, will be take seriously.
Age has made me a fan of the no-asshole rule.