Ultimately I think the answer here is 100% unique to each one of us. I wouldn't want to encourage you one way or the other, but if it were me, there's a few points I would consider.
* Financial stress. Would taking the cut simply mean a reudction in luxuries, or would you be living hand to mouth? THaving a lovely job is doubtless more important than having the latest designer gear - that's absolutely a no brainer. But, if you will be constantly eyeing your bank account and putting basics back on the shelf in the shop just to leave enough pay the rent/mortgage, you won't be appreciating how awsome your job is for long. There's no greed in just wanting basic security, it's just basic self-care and wellbeing to minimise the stress and anxiety in your life. Unless you are williing to embrace van life or are fortunate enough to be able to buy the land you need upfront for living true off-grid, there is always a fair chunk of basic running costs that refuse to go away - you can minimise then, but you've *got* to be sure they are always going to be easily covered for the sake of your own calm.
* What material things REALLY matter to you? Needs a bit of brutal honesty here. None of us want to admit to ourselves we're attached to our posessions, but for example I wouldn't be happy without a yard of my own, a hot, powerful shower, broadband internet, and a vehicle of some kind (awful as all of that sounds, and no doubt actually is). It'll be different for everyone, but be brutally honest with yourself, and make a list of stuff you aren't prepared to give up. Hopefully, it'll be less than you think
* How do you feel about travel, and what sort of travel is it? Some people loathe it, but it can also be fun. I used to do field work - visiting clients around my region, which I absolutely loved. I got to see places I wouldn't otherwise have discovered. Lovely tiny little regional towns, where I'd plan my route or lunch break to stop and see something new an interesting - a secluded beach, waterfall or just a gorgeous lookout point where I'd drive out to with a picnic after work if I was staying overnight. Life was good. But later the employer changed their mind about how travel worked, and it went from what was easily my favourite perk of the job in my eyes, to being a major pain with lots of time pressure and cost, so you need an employer who respects you enough to let you make the most of it.
* Dependents - Do you have family / partner / kids? I'd probably be more carefreee about all of the above if I didn't have a partner to consider. Especially worth bearing in mind if your partner is more materialistic than you.
* Long term prospects - Not talking about promotion or the "career ladder" BS, but rather where you want to be in future. If your current situation is unbearably at odds with what you can put it with in the long term, and has no realistic prospect of change, it makes moving a no brainer. By contrast, if your current role is flexibile enough or undemanding enough that you can build something good out of it while retaining your current security, it'd be foolish not to sit tight and work on that. Sometimes, if your job ins't great, but is just "fine" (mine is exactly that), but is also low stress / undemanding and pretty flexible (again, mine), then sitting tight and just using it as a minimally invasive way to fund doing the stuff you really care about then it's a fair trade. Though I am aware that in the US, people don't get the sort of annual leave or working hours we get here or in Europe, which is massively unfair - so do bear in mind I am making that comparison from a non-USian point of view.