As a co-op student for IBM in the late 90's I had to sign something similar... Anything I worked on outside of work... And for x years after leaving the company belonged to them. Was an eye opener for sure.
This is the even more crazy part. They continue to own you after no longer paying you.
If there were many companies offering the same pay, with a higher ratio of offerings to applicants than yes that would be applicable.
I'd your trying to say that they can sign away their rights than that is a different argument.
Pay and rights arnt/shouldnt be interchangeable, I'll work for you for X money but there isn't an amount that will make me give uo my rights.
Why? Well someone else will undercut that , and then they will be undercut and you eventually end up with no rights.