A thousand dollar phone is a thousand dollars; we invented money in order to have a universal metric of value when comparing things like "working in the fields", "bucket of nails" and "cuckoo clock".

These days, most people, most of the time, can't decide to work 20 hours more in order to afford a new thingy.

If you're on salary, that's it.

If you're an hourly worker with your hours assigned by management, that's it. They are unlikely to assign you overtime, too.

If you're a freelancer with jobs coming in, you might get paid per hour -- but there will be a cap on your hours. Or you get paid per job, in which case there is a cap on the money available, and working faster will enable you to have more free time but not more money.

Very few people always have extra work available for them to do when they decide that they want to work more; those who do tend to either be financially secure or in dire circumstances.