Sorry, I disagree with some of the sentiment here regarding academics. As an academic ED doc, I can tell you that my day to day job is way better than my colleagues who are employed by CMGs, and many of them have reached out to me to see if they can get hired on where I work. Sure they make more than I do, but the environment appeals to many.
There's no question that academic centers care about the bottom line too. But I am never harassed about metrics, how many PPH I see, what my door to doc time is etc. One of the hospitals we cover is an inner city county facility, literally all they care about is that we see patients and try to keep them from dying in the waiting room. The acuity is good, but whether there is 80 in the waiting room or 5 in the waiting room, I just do my work and see them when I can. The nurses are also fairly good and supporting staff is decent. It's a challenging place to work, for sure, but I'd choose it any day compared to working for TeamHealth.
During the pandemic our department did not lay off people. We did not pull contracts on people that were already hired. Though it's probably not as much as you could get in other settings, we still posted a profit during COVID and faculty were awarded a bonus, which amounted to something like 24K for the year. Not a ton, but it was something. I got hired on during the worst part of the pandemic when there were no jobs, and I still got my small hiring bonus and relocation bonus.
It's by no means easy to work in academics. Your days off are taken from you to do other endeavors such as research, teaching residents, going to other meetings/committees etc. You definitely get paid less. But there is much more job security. You are afforded a higher degree of medicolegal protections, especially if you are a part of a public university. You have pretty much all the consultants in house. Yes sometimes it's hard to admit patients to medicine or surgery but that's usually when a PGY-2 is doing the admission. If I get pushback, I call the attending directly its taken care of. If it continues to be a problem I discuss with my medical director or department chair and it gets escalated.
There are definitely politics. The standards for tenure are virtually impossible to meet for most. But if you have a niche that you enjoy, you can find a way to get clinical buy down for it, its a great way to work less clinical shifts. The clinical shifts are what kill you in EM, and academics offers a good way to do less of those. Your value as an academic EM physician is more in how successful you are outside the clinical space i.e. in research, education, and other typical academic pursuits. There all these old timer academic EM gods who could maybe see no more than 5 patients a shift, but they are untouchable because their name is on a textbook or first author on an influential paper.