No it does not. If you received no utility for your work but instead a 1:1000,000 chance of a million incomes, you would starve to death. The math you are using does not describe reality and rational people, since about Galileo anyway, have known better than to insist on broken models.

There is a reason people are willing to buy $1 lottery tickets but not $1000 tickets. (hint: a certainty of misery or high chance of death is not compensated by a remote chance of enormous wealth of ever decreasing marginal utility)

You are simply misunderstanding the use cost benefit, I assume because it clashes with some ideological point.

But if you want to buy a one in a million chance for a trillion dollars, I have a bitcoin address you could send a million bucks too.