Passing

I recently started remotely contracting (from Asia) for FAANG+ AI research. It’s amazing, but pay is mediocre and chance of conversion to full time is probably very low. Almost every full time employee has a PhD here, and it feels like I can’t really progress without one. I got an offer for global top 25 CS PhD on a very low stipend. Yet at the same time I feel like I’m learning so much here there’s no point doing a PhD, for 4 years with no pay. I’ve always wanted to do it since I got into uni but now it feels like not worth the time since i’m learning so much here. Anyone in AI research / MLE have advice? Would i regret passing on a PhD? Is it very likely to get a really good job after FAANG, that I shouldn’t worry? Thanks all