Yes this is the same at my academic institution. the pay is lower because if your academic position whereas the NP is not academic. academic NPs make less.
If they are working you too hard clinically than it won’t be worth it. The trade off for the lower pay should be that you aren’t having to see as many pts, residents writing notes, seeing more complicated/interesting pts, having mentorship, working in an intellectually stimulating environment, and having opportunities that you won’t get elsewhere (eg educational leadership, research etc) if you don’t get these things or they don’t matter to you then you should leave. also you should have opportunities to supplement your income (that doesn’t include weekend or overnight work) such as faculty practice, chart reviews, productions educational content, item writing, consulting, expert witness work etc.
You always need to have one foot out the door. Things are going well for me currently. I don’t have to see more than 1 pt per half day typically but the obsession with productivity that has been infecting academic medical centers without a commensurate rise in pay I think means that many academic departments will struggle to recruit and retain psychiatrists. Even the NPs are leaving now!!