I work in theatre and love it.
I was in FOH, stage management and then directing, latterly building / organisation management.
I have always loved it and everyone who has ever worked alongside me loved it too.
Pay: terrible until you reach very rare / responsible positions and then absolutely not comparable to other sectors with similar responsibility for turnover, staff team size, skilled and specialist knowledge and experience and thoroughly anti-social hours!
Would I advise it as a career path: No. Jobs are ever more competitive as the sector faces huge financial challenges. Pay and conditions are highly unlikely to improve.
Will anyone who is actually driven to work in the arts take notice and be deterred?
No.
Many freelancers have alternative jobs alongside. Teaching , lecturing, running workshops, roles in various events, temping, etc.
Many people who start out realise that it isn't sustainable for adult family life and re-train as life coaches, therapists, team building for industry, teaching, fundraising, and many other things.
I managed it from leaving Uni and through starting a family etc - but only because I had a partner who was fully 50/50 with childcare and household (also had an arts job), I stopped touring and had moved into largely management role. And we have lived thrifty lives!
I don't regret a moment of it but it is immeasurably harder for the next generation.