Nope, that's just in the USA, us in Europe not at all.
And I'm not even comparing EU salaries vs US salaries just tech salaries/property prices ratios for each location.
You're not overpaid, it's us that are severely underpaid in comparison.
If you work for a European company, chances are it won't grow and be successful to the same extent as an American one, and therefore your work has less value.
I wouldn't take a job that pays double what I make now and has half as many hours if those hours were nothing but sitting in a dark room.
You can get a lot of satisfaction from building something meaningful with a team that people enjoy using.
Not that you can't do that in a big company, but all development jobs at big Corp are not that.
I would tear my hair out if my only job every day was figuring out how to get more people to click on sidebar ads.
Probably doesn't work for all position, and in fact the worse the job the more likely it doesn't work for it, but uh yeah you can totally reduce to 40h...
(France, 35h is the legal work time for a full time contract here, but you can absolutely have a contract with more or less hours, you just pay extra social charges for hours above the 35th)
This may reduce salaries but oh God most of us make too much money anyhow. Let's have a life now! When are you going to enjoy life, after retirement? Would you wait with sex till after retirement, too, if that offered a salary increase?