The example uses equal stacks because then you don't bring stack size issues into play. In the contrived scenario, it is very close to being CEV = $EV. Or better put, everyone has the same risk of ruin.
Obviously if the situation is
UTG: 400
Button:300
Hero: 5000
BB: 7800
You fold all but a very small range (based upon your assessment of BB's calling range). Here CEV <> $EV.
Stack sizes alter push/call ranges. The best players who use ICM are those who use all the information at the table to accurately deduce push/call ranges. That being said, fold equity is still a big part of the calc.
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