You may get paid the same while working as an individual contributor, at least for a while, but over time your power in the org suffers a slow decay.
For example, you may not be able to direct your work towards that which generates the most revenue, people you passed on in the interview process suddenly appear next to you and you're required to mentor them, projects that seem dumb get assigned to you from on high without your input, compute resources appear or disappear from under your control, etc.
It's like death by a thousand cuts. And in my experience, the only way to actually get paid on this track over the long term is to create something so valuable that you are the single point of failure.
At least for programming, the only real 'Individual Contributor' career track that makes any sense to consider is one where you're a lead developer, that is you still code, but you manage a team of other people as well.