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I think your only options in this situation are to quit or accept being underpaid. You’re not going to get a raise if the GM isn’t making that much.
I would absolutely start looking. Imagine your boss does leave and you get promoted - that pay raise if you get one is gonna make you even more mad.
If you’re content staying and riding it out to retirement then you might as well stay and continue your tenure. But I feel like if you’re asking about it, you’re motivated to make and do more!
Get the resume updated!
Probably time to move on. IF - and it's a big if - you can find anything decent. This is the worst job market I can remember, so it'll probably take some time.
Probably have to look elsewhere OR if your job is more or less on autopilot (like nothing unpredictable, you can do your role well) - start something on the side to make some cash