I like the idea of added compensation based on hours covered as it incentivizes the business to avoid very small rotation sizes, but paying extra per page seems like a perverse incentive favoring instability.
If engineers have blanket control to define what is important enough to get interrupted and to prioritize fixing frequent offenders, then sure, it's a perverse incentive.
If, on the other hand, engineering doesn't have very much control over the roadmap and/or isn't allowed to make their own judgment calls about what really matters for pages, then the arrangement that OP describes makes a ton of sense—it gets gets pages onto the budget as a separate line item, which is a good way to get the people who are really in charge on board with investing in permanent fixes.
Significantly reduces the number of pages.