Absolutely.
I was fed the whole "research loves vets, research wants vets, tons of jobs for vets in research" line all through school. Nope. Your DVM means very little to high-end researchers. It is a clinical degree that in no way prepares you for the research life and the different standards you will be held to in that area. Your PhD, postdocs (if you want a serious research position, you will need postdocs...a PhD with two solid 3 year postdocs will beat out a DVM/PhD with no postdocs easily for most positions), the prestige of your mentor, your grant funding, your publications......those mean far, far more. It's absolutely cutthroat in terms of grant funding. I can't imagine living life as a PI. All I see them do is write grants and try to keep their ship afloat. It must be an absolutely nerve-wrecking life.
My PhD has been way, WAY harder than vet school. Emotionally, mentally, physically, all of it. Vet school spoils you in a way. You are given a schedule, you know what classes you have to take, you know what you have to learn, you (most of the time) know what you are going to be tested on, and if you run into trouble people can help you.
With a PhD, you are often completely on your own and fumbling in the dark, yet you are still expected to produce at a very high level. It's far more stressful to me to be in a position like that, especially when the rug can be pulled our from under you at any time.