Yes. Bullying cases the same. No one really wins. Fairness isn't part of the process.
If I was the OP I'd look to move to a new team or new employer.
I've had a somewhat similar experience to the OP (though I was the person who triggered the investigation) and heard this line all the time. I'm not sure what qualifies people to give this advice, and the more serious the misconduct the more inappropriate it is IMO.
Personally, I am very glad I ignored this advice and confronted my situation head on. It was without a doubt one of the hardest, riskiest things I've ever done - but it was ultimately also very rewarding. Sometimes it's important to stand up for yourself, or you'll be haunted by the fact that you never tried to do anything about it.
I completely understand why this stuff often doesn't end well. It's exceptionally tough, because you're likely going to be dealing with a dysfunctional system (e.g. lying, gaslighting, sham investigations etc). It can be a shock to realise that you are not just going up against an individual, you are going up against the company you work for and a system that just wants to pretend that nothing happened.
You really need to do your homework and ensure you have evidence (not just of the bullying, but also of procedural misconduct where applicable) - and you need to look at the different components of the law that interact with your situation. You need to pay for expertise and representation, while remembering that nobody else will provide you with a magic bullet. You need to do the work to be the expert of your own case. You need confidence in the legal strength of your claim (without bitterness or emotion), or you will crumble.
In the end, pushing something like this means that it is highly likely you will have to separate from your employer (and you will likely want to run screaming) - but you shouldn't suffer a financial hit because someone decided to harass you or because a complaint was handled inappropriately.
It's very difficult to offer the OP advice without knowing specifics of the situation, or understanding precisely how egregious the colleague's behaviour was. But I want to chime in to say that it
is possible to take on this behaviour and come out the other end. I've lived it and it was both one of the worst and best experiences of my life. It ultimately depends on a cost/benefit analysis of your specific situation. For example, you may not want to be stuck in a yearlong battle over a job you don't like and a salary you can get somewhere else. That may not be worth the inevitable impact on your health.
Getting through something like this successfully usually requires a lot of support. I had a consultant, an accountant, a solicitor, a barrister, a doctor, a therapist, a mediator - and several good friends!