Compensation doesn't have this problem. You can't offer me $160k and then pay me $120k six months down the road. I mean, you can, but not with a straight face.
The soft benefits you described are one CTO/manager/investor change, or engineer bus accident, away from vanishing and it's not looked at the same way as cutting pay, furloughs, and things of that nature.
While I want to take one of these "work to live" jobs, I always end up taking the salary. I have a much easier time carving out a bastion of sanity in a given company that doesn't advertise the benefits, than to take a significant pay cut along with the risk I just described.