I do 6-10 hours per day, depending on the day. My team has quite good WLB. I have heard of other teams that are more pressured, but haven't spoken directly to those teams.
Compared to my previous... 4 jobs (+1 company founded), this is the 2nd lowest stress. The one lower stress job had 1/3 the compensation, no career growth, and was just a "marking time" federal tech job. YMMV.
Australia does something interesting - minimum wage scales with how old the person is. Say it's $15/hr for 18 year olds; 19 year olds get $16 as a minimum, and so forth.
I think you jumped to assume that it's an external product. You have no idea whether the person in question is lazy or self-centered. The person who taught me this was neither.
In either case, at some point you have to convince someone else that it's worth investing their time. External, this can be dollars (although is that really the best way?). Internally (and optimally), you still need to self-market your product to marketers.
Either way, it's better to spend at least a little time doing marketing. Boiled down from all the hype and jargon, marketing is highlighting the benefits to another person. If an IC is working on a project where they don't know the benefits, there is a larger issue.
I felt similarly, earlier in my career. Until a manager explained it this way: "Suppose you make the greatest thing in the world, but nobody knows about it. Wouldn't it be better to have spent 95% of the effort on making a slightly inferior product, and 5% to actually get people to use it? Isn't it more impactful to make something people use? Well, in order to get people to use anything, you have to talk about it."
I work at FB. Can't speak for other teams, but this does not match the culture I've seen in 3+ years. There is a tool to send thanks, but there are no expectations -- it's just a nice thing to see coworkers appreciate you. I've done reviews and never heard anyone mention the number of "thanks" their report has received.
The PSC cycle (bi-annual review) is stressful, which I think is where the "craziness" stems. OTOH, there's not much day to day oversight - employees have an insane amount of freedom - so these 2x / year reviews are the tradeoff. ICs have tons of freedom, then twice a year, have to stand account for how they spent the last 6 months, compared to what other people in the same role and at the same level have done. (It's not stack ranking, it's more like grading on a curve across very different exam questions.)
There are mechanisms to provide feedback more frequently than every 6 months. It's agreed that the manager failed at their job if an IC is surprised by how a review ends up.
(FB also has 360 reviews every 6 months, offset from PSC by 3 months. These are usually upward reviews, and they are taken very seriously. Results from these determine manager career progression, so it's a chance for ICs to have their voices really well heard.)
Gaming the stats does exist, just as it exists everywhere. I think this is probably the only part that I don't strongly disagree with. It's also a hard problem to solve, with significant tradeoffs for different approaches. (And might be the most interesting piece)
Compared to my previous... 4 jobs (+1 company founded), this is the 2nd lowest stress. The one lower stress job had 1/3 the compensation, no career growth, and was just a "marking time" federal tech job. YMMV.