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The grass is always greener...
You'll end up working more for less money and still find yourself unhappy. I suggest that you dig deeper into why exactly you are unhappy. What else can you add to your life that brings fulfillment outside of work? Maybe start a new exercise regimen with that free time, or start a new project of some sort. It's the same net result, you'll end up busier, but without having to take a pay cut, and will likely be happier than if you were simply working more.
I'm confused. How is it better WLB if you will be working more in your new role?
I understand your dilemma. I’ve taken jobs with less pay before, but a better WLB, and I don’t regret it. The key is finding a role where you're not just "making a living," but living fully. If the culture is great and the growth potential is there, it could open doors in ways you might not have expected. Life’s too short to stay in a job that makes you miserable, even if it pays well. Good luck!
Pro
Busier but better WLB? How does that work? You mean busier during the day, but over all less hours? Or less travel? How is it getting you better WLB? Also if you are burned out, how does busier help? Or are you bored, not burned out?
In general, don't stay in a job you hate, but not quite understanding the trade offs you are considering.