Not exactly. To make it equivalent first you need to consider employer side of FICA, which take about $100k. Then health insurance and other benefits. And vacation, sick pay, and any equipment you need to do the work.

Finally, maybe the biggest variable is non-billable hours. Maybe there isn’t 2000 hours of work available at that rate. And a lot of people who charge that much spend a substantial time finding new clients, writing new project proposals (many of which don’t get executed), and doing things to promote themselves like conference talks or speaking to press.

It would typically net out to anywhere from $500k-$900k depending on how much of those overheads you have. Nothing to sneeze at but similar ballpark as senior FAANG comp

Well, GP did say that was the top end of their hourly rate, so maybe not that much, but I think it's safe to say they're very solidly into six figures. Under those circumstances the calculus does no doubt change/ I don't think it reflects the reality experienced by the majority of people with less otherworldly remuneration, families, etc.

I don't do consulting anymore, but I know plenty of consultants that gross over a million per year. Of course, business expenses, taxes, etc. bring their net income down considerably.

Don't forget expensive recurring calendar costs.