During the golden years of big tech in the states, when employee retention was king and it was pretty much impossible to fire someone who wasn't completely useless, I think it was a pretty good deal. Although East Coast work culture has always been pretty intense as you describe, a lot of West Coast people I know had good balance between work and everything else. Some people chose to work very hard and chase promotions, and others chose to go home early and spend their time with family or doing hobbies, and both ways were considered acceptable. The better companies offered 5 weeks of vacation, and people would go completely offline during that time, although some people would have to be cajoled by their managers to actually take the time off.

Recently it feels like things in the US have gotten much more intense and stressful, although the pay is as high as ever it does feel less worth it. People compete with their coworkers not just for promotion but for survival. There are still pockets where you can have both high pay and some sense of job security, but they are much scarcer than before.

Social Security alone will, at best, slightly mitigate poverty. 401Ks are generally employee-funded, with some firms providing matching funds, especially during good economic times and where the firm is in a field where the main area of labor relied on relatively scarce so that there is competition for talent.

EDIT: The line about social security is a little inaccurate in the extreme case; its actually technically possible to reach a moderate income ($62k/year) on Social Security, if you have a long enough working career (35 years or more) earning at the maximum taxed wages for Social Security (currently $185k+) and claim at or beyond the age that maximizes the benefit calculation (70 years).