Earlier quoted context omitted.
Working as a SWE at Meta in the US pays 3-5x more than a European tech job (outside of Switzerland). They are paid for it. Paid oncall in US big tech is the exception rather than the norm (notably, Google has paid oncall)
How does it work out with cost of living?
A Google senior software engineer in Paris earns €168k per year (according to levels.fyi) and takes home €96k after a 43% effective tax rate. A Google senior engineer in Seattle earns €336k and takes home €239k after 29% taxes, a 2.5x increase in take-home pay. According to Numbeo, cost of living in Seattle is 15-25% higher.
Of course, in America you have to fund your own retirement. As long as the pensions plans remain solvent, "savings" are a lot less important in Europe.
Anecdotally, I know people who were able to opt out of working altogether after 10-15 years in a large tech company in the US. I don't think this is common in Europe.