I've done it before. The process can be extremely long (months). It's longer the higher your salary expectations. At lower paying jobs, a single interview with the CTO/team managers and you land the job.
At higher paying ones, you might have to do a HR filtering interview, code test, hour long chat with an engineer, a higher level manager, a whiteboard, another code test, and then present it to a panel which consists of four engineers... and possibly get rejected somewhere along this route. Some of the people in this process are not always there and they may not put hiring at first priority, so this can drag out very long.
If you have a "runway", you'll be under pressure to perform, which ironically might make you screw up somewhere along the process as I have before. It's so much easier just to settle for the lower paying job.
And as someone who has been on the hiring side, I've seen people who we wanted to hire, but failed because of this pressure. Two people who were going through extended interviews just refused to do an hour long coding challenge properly (they lazily copied something from SO which didn't answer the question). One interviewee snapped at the interviewer during the test. The process was also quite long because we didn't really need another person, so it took about 2-3 months to get back to the second guy we interviewed, who wasn't that qualified but better than the others.
However, if you're facing intense stress and burnout, the lower paying job might be a step forward.