So do it. Do what makes you happy. If you aren't happy working or you don't get enough time off... change the situation. But don't spend a bunch of your life unsatisfied.
The vast majority of Americans simply do not have that choice. They can't go to their boss and say, "hey boss, I want to take a 10% pay cut and get an extra 2 weeks off." American work culture simply doesn't allow that.
Any smart boss with decision making power should instantly give workers an additional 2 weeks off for a 10% pay cut. (Assuming the workers work more than 20 weeks a year and their duties can be taken up by someone else). It's pure profit at that point.
That aside... there is always a choice. Don't ever think otherwise. You don't have to stay there. You don't have to drive a nice car. Always a choice. It's just a matter of tradeoffs.
I am actually a freelancer, my example was not of my current situation. But while I was employed it was very hard (I didn't manage to get it despite trying for a while) to get a job as a developer for less than full time regardless of salary.
Anyway that wasn't the point, my point was that stating your particular preference doesn't really add much to the conversation.