As a counterpoint, I know someone who went back to academia after getting disillusioned with tech (academia > tech > academia). The key difference may be that they live in Europe, have no student loans and the pay disparity between a developer in bioscience and in tech is not as large as I imagine it is in the US. They are paid significantly more than the scientists they work alongside but not much less than they were paid in a good tech job. For them the bioscience work is much more interesting than anything they did in tech (they have a maths-based PhD, so were working on quite complex problems but in a relatively boring field).

Software development is important to more and more industries and the pay disparity caused by insanely large funding and little requirement to produce profits means that other sectors are being priced out of in-house development, especially niche use cases. The ongoing rise of no-code development will be increasingly useful across all sectors but will fail to deliver a lot of these niche applications.