I think both ends of that spectrum are fine. If you really do mostly love your work, and you can afford necessities, then that is just as good as getting paid oodles to do a job you don't hate that gives you time and money to do exactly what you love.
The traps are convincing yourself you love your job more than you actually do, or that you don't hate your golden handcuff job and the hours won't always be this crazy...
And paying the opportunity costs. "Oh man I love working on this game, surely someone will recognize me" all the while putting major life things on hold, like having a kid, or securing your future.
I know a guy who LOVES his job/company and knows he's underpaid. But he's set. Has zero plans on having kids. Has his own place. 100% secure. So he can afford to do whatever. But many who have bigger goals in this economy have to follow the money.
The traps are convincing yourself you love your job more than you actually do, or that you don't hate your golden handcuff job and the hours won't always be this crazy...