Yeah it's possible that's true for those two cities at this particular time -- I haven't run the numbers. But you can apply the argument for Austin too.
If you're living in Iowa or Wyoming, Austin probably seems like it has a high cost of living. You could probably find an apartment for $300 or $400 a month in a lot of small towns. But it's probably better to move to Austin, make more, and save more, if you have a job offer.
I would say that if you are young and in tech, you should apply for jobs all over the country, including in SF. Don't worry about the cost of living. That's focusing on the downside rather than the upside.
But if you are older and have more expenses, and less variance in what your salary will be, then you might want to run the numbers, and not bother applying to some places.
FWIW I've lived in SF for 15 years and I've never paid close to $3370. I did pay $2600 once for huge place, and now I pay less than that. But even if I paid $3370 I would still save a ton of money. It's all relative.
One bedrooms are also the worst market, precisely because people are moving in and out a lot. I've known people with very nice 2 BR apartments in desirable areas splitting it at $1500 a piece. Although granted this was several years ago and the market may have changed.
I think it got insane in 2013-2014, hopefully it's a bit better now. There are also places to live outside the city that are less expensive.
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Also, two asymmetries to consider:
1) There's no hard upper limit on the amount you make, but there is a hard cap on how much you can save.
2) If you live in an expensive area like SF, you can move back to your hometown at any time. But the converse isn't true, because at a certain point the expenses will probably be intimidating.