I've been a gamedev at a couple AAA studios for almost 5 years now. I can say it's a bit of a mixed bag, and very much depends on the studio.
The studios I've worked at have treated me well. I started out working at EA, which - for all its faults when it comes to gamers - does treat their staff very nicely.
We had free snacks in the office, flexible schedules, a generous remote work policy pre-pandemic (one of the best engineers on our team was permanently in Chicago, another was permanently in Oregon), and leadership that would listen to our complaints and respond honestly. We had weekly board game lunches and D&D sessions on the clock, and a comfy place to play all the latest games whenever we wanted.
Deadlines were reasonable, and the choice was always to cut before crunching. Crunch was on the table, but only as a last resort - I only crunched once in the 3 years I worked on that game, and it was for a single weekend when we had live players running into issues. My pay was on par with a traditional tech job. I went from $15/hour at my college job to $25/hour as an intern to $100k/year as a junior. Within 3 years I was making $140k/year, plus stock options and a 30% yearly bonus.
My one complaint is that EA unceremoniously pulled the plug on us. We had started a beta period and player response was... middling. We thought we could rescue the project, but we needed another 6 months to make it happen to avoid crunching. Leadership pitched the idea... corpo execs said "You aren't getting that additional time; we're killing the project." We got shut down and all 150 devs were sent to the unemployment line.
EA's severance package was very generous, though, and even when they were firing us they went above and beyond what they legally were "supposed" to do. I wound up with my yearly bonus, half a years' worth of salary, plus 2 months of being "technically employed" but being paid to look for another job - so plenty of runway (plus unused sick time + vacation on top of that).
While it always sucks being laid off, and it sucks that the project we spent years on got the axe overnight... they really could've been far worse. Some of my former coworkers decided to do their own thing and it seems to have worked out for them, as they were able to get publisher funding well within the "runway" EA gave us.