That might be true sometimes, but I've also heard about some cases that are the exact opposite [1]. There are some software engineers making high six figures (e.g. > $600k including RSUs and bonuses), and the company respects them a lot more and values their output. These engineers aren't frantically cranking out code or working 12 hour days all the time. They're often doing very important work and have to be very careful.

And I've also heard about cases where lower pay means worse employers, higher expectations, and higher levels of stress, because the company doensn't value or respect the employee as much.

[1] https://twitter.com/sehurlburt/status/992779314532790273