Most cases I would guess this is true until you hit the point that the pay is enough to live comfortably. Then it changes.
My partner was recently approached for a position offering compensation more than 200% of their current for the same work. However,the hiring process is exposing red flags hinting at a toxic working environment: On-fighting, lack of planning, unreasonable expectations. I'm guessing this is the reason the pay they offer is so much higher than it 'should' be.
That position may remain unfilled for quite some time. Working conditions are such a major aspect of any job, and while folks will put up with a bad working environment if the pay is right, that only works up to the point of being comfortably paid. Once you reach that level most folks start to care more about what their work day feels like. Toxic work cultures are very hard to fix, too.