A million years ago when I was a student (early 1980s, actually) academics in our department (Arts subject, high-ranked UK university, not Oxbridge) had a very nice life with good work/life balance. They had status in society, complete freedom to decide for themselves what they wanted to research, minimal teaching load, no REF, no student feedback, very little bureaucracy, gold-plated final salary pension scheme. No idea how the salary compared with other professional jobs but my impression was it was comparable with senior teachers and civil servants. We had several lecturers who commuted in once a week in term-time and worked from home the rest of the time. Some of them published very little in a long working life.
I remember the time another student and I were trying to fix a time for our regular tutorial with a lecturer. Eventually he said apologetically he could see nothing else for it, it would have to be 9am. This was unheard of. Nothing else in the department started before 10 and most of our lectures were at 11, 12 or 2.
By 4pm the department was mostly empty.
In spite of this, I consider the education I got during those happy, relaxed years was beyond price.
Changed times. The pendulum has swung far, far too much. Academic freedom and enquiry can't possibly thrive in the micromanaged world of HE in the 2020s.