I agree. I work for a FAANG and could ask for a transfer, but I'm worried about the risks that come with the US labor law and the lack of paid holiday too. Also the waves of lay off were much harsher in the US. That being said, it's fun to live in a different country (I lived in the US in the past) and there are more opportunities in tech in the US so I'm still contemplating it.
Take a Google L4 - $280K US, $190K UK, $160K DE.
But when you include the regulatory protections and benefits, the differences in living standards, etc. the US salary is probably still higher but these salaries are certainly nothing to balk at.
However, for higher levels (L6+), I think the difference becomes more important. Also, in US tech centers, there are many more opportunities than in Europe. If I were to lose my FAANG job, there would be no way I'd make the same amount of money in a different company in my country. On the other hand, being on a transfer visa in the US can make it hard to switch to a different company too.
In the end, there are pros and cons, and not a definite answer as to where it's best. It depends highly on individual circumstances.