I'm a professor and I've worked as an administrator in higher ed. You are almost certainly not making 170k/year as a visiting asst professor (which is what you are if you're on a 3 year contract). Did you mean over the course of 3 years?? There are very few tenured professors making 170/year and the ones who are do not work in the 'flyover' states.
My own experience has been a mixed bag. Despite the caca you read on here, the lives of even tenured professors are dominated by their work. The average work week is probably 70-80 hours during the school year and 40 or more during the summer, depending. Given all the cuts to education over the last 25 years, the pay, in general, is not good. Small private liberal arts institutions are facing extinction. Administrators in general are very bad at their jobs. The US hardly has a culture which respects intellectuals.
That said, I love most of the day to day of my job. I love working with students, teaching, and, when I get the time, research. I work very hard, but I have some flexibility. There's probably only 20 hours per week when I have to be somewhere definite doing something specific. Because I'm a mathematician, I can do research anywhere - some of my best ideas have come to me on long runs. So there's that.
I think if I didn't have a family, this would have been an idyllic choice. But finding time to spend where I"m really focused on my boys has entailed making sacrifices professionally. The pay sucks and so, despite being a native speaker and good teacher in a field in which there are few of either, I make only enough, by myself, to afford a lower middle class lifestyle for my family.
I do recommend that some of my students pursue a PhD. I do issue caveats when I do, though.
So, bottom line, it's probably like most professions. Some good some bad.