A salary can compensate effort without compensating meaning.

Pay covers effort, and effort is only part of what work costs. The sense that what you do matters, that it connects to something, that you would defend it, is not on the payslip and cannot be added by raising the number. That is why well-paid people leave good jobs and struggle to explain why.

If you are unhappy at work, separate the two questions. Is the compensation wrong, or is the meaning missing. They have completely different solutions.