Yes, you're right. To answer the question: if you would ask me 'would you leave your company for a 20% raise with the same hours' than my answer would be 'probably not'. I've had numerous jobs before this one, this is the first job that I like going to, even after a couple of years in. I make a decent amount, have nice collegues, no office politics and every day is a new challenge (in a good way). Having the peace of mind of a fulfilling job is worth a lot more than 20% in my opinion.

Maybe I'll switch in a couple of years for a real C-level job, but right now I don't see myself going anywhere.