The recognition must have a high return to make up for all the time wasted on rejected initiatives.

Are you guaranteed those things if you work better than the rest? No, external factors can nullify all your dedicated work.

What would you do if all you had to show for your effort was that employee of the month picture on the wall?

If the delta is worth "tens of thousands of dollars in salary", consider what your free time spent on other things is worth. It might not be.

But "freedom to design my own role"? Where do you get this?

This is an interesting point. We tend to conflate "greater control" with "greater responsibility", but we shouldn't. The first is a benefit, the second is a risk. They often go together, but having had a job with lots of responsibility and no control, they certainly don't have to.

Regardless, I would much prefer to have a working environment where I'm engaged and involved and making an impact than where I'm only grudgingly doing just enough to get by, even if it doesn't lead to recognition and rewards. Although, in my experience, it does.