You should adjust, for cost of living, only the part of your paycheck that you will be spending while living in that area.
E.g., supposed SF is twice as expensive as Dallas. If you make $100k in Dallas, and you typically spend $70k of it in Dallas while saving $30k (to spend later in life somewhere else), you would need to make $70k x 2 + $30k = $170k in SF (for an overall adjustment of 1.7) rather than $100k x 2 = $200k in SF (for an overall adjustment of 2).
Then again, if you're planning on living somewhere for the rest of your life, it's safe to assume that whatever money you make in that place, you'll also be spending in that place. Therefore, in that situation, multiplying by 2 would be correct after all.
I live and work in SF at a large company (not Netflix, but something pretty similar). I'm 80% a coder, 10% a manager, and 10% a data scientist, and I love my job. $250k salaries are very common at large companies these days--you just need to stick around and work hard for a few years.
Even if you make $150k, my advice stands, but you should probably invest smaller amounts than $100k, obviously.
$250k is a normal salary for an engineer with say 10 years experience in the Bay Area. It won't all be in a monthly paycheck, some of it will be in bonuses, restricted stock, etc., but it will be bankable and spendable annually, not locked away in illiquid assets (at least at a large company). Companies with long vesting schedules will supplement the early years with hiring bonuses until shares start to mature.
And this is why rent on a 2BR apartment in Mountain View will run you $3000 per month, and a 900 sq ft condo convenient to nothing in particular runs $850,000.