I'm not sure this is true, at least for the millennial generation and later. Most people I know who work a lot do so because they don't have any other choice, except maybe "move back in with parents and become a waiter at some diner."
For the former (my friends at Google, well-funded startups, and in finance, etc.) I'm afraid I'm not going to shed any tears for them.
For the latter, most people I know are neck deep in auto loans, mortgages, credit card debt, etc. Up until this year, I would be hard-pressed to name a friend who had a car that was older than mine. My group of friends roundly poked fun at me when I furnished my new apartment with nice craigslist furniture.
To address your point directly, for most people, finding a cheaper apartment is an alternative to "moving back in with parents".
I'm currently living in a 450 ft.² studio apartment in a small town in Tennessee for $400/month. I'm quite sure this is affordable to anyone who isn't making minimum wage, and probably them too. Making minimum wage? Get a roommate. I've had roommates my whole life.
No, people choose to work a lot because they're living a lifestyle that is more than they can afford.
For example, my friend has a nearly perfect credit score, he lives with his parents still, works 30 hours a week (making about $35k a year), and his expenses are about $12k yearly. Clearly he has to work, but not all that crazy.
However, if he wanted to move out, get a car, etc. it would be pretty hard.
I should note, he's a millennial, didn't go to college, is 23, and has about 50k in savings because he's invested all of his money, lives at home, and works remotely. He plans to buy a house in his mid to late 20's (28 is his goal). This is common all over the world, and was common pretty much throughout all history except the 50's - 70's.
Otherwise, that sounds like a good plan if your parents can support you while you pull it off. (you = him, or somebody like him)
He does quality assurance for a small business and handles other IT stuff. He loves digging around and finding bugs, and will also contributes to Gentoo. A fair number of the blogs he writes end up on the front page of HN, so you've probably read stuff by him.