When the main pain point is money, counter offers can be great. When the problem is the job itself or the environment, accepting counter is probably a bad play (except maybe a lateral move in the org, if large enough.)

That's my experience anyway.

I can agree with that, i interviewed at a couple of other places when i worked at my last job, mainly to see what i was worth, and found it was clearly higher than i was making. I loved the team i was working with and didn't really want to leave. i ended up getting a pretty decent size raise, and planned on staying a while...

Sadly 6 months or so later started multiple rounds of layoffs, while i didn't get hit, our team size went down 30% in one round of layoffs. Being my team was the reason i stayed, i ended up leaving another 6 months later...