I have had two similar experiences. Both times I left a company strictly for an increase in pay. Both times I didn’t care if the working conditions and responsibilities would make me happier. Both times I was miserable and regretted the decision.
On another occasion, I left a company that included a nice salary increase, but that wasn’t the primary reason for switching companies. The type of work I was going to do and the skills I would use would be a net gain. It ended up being one of the best career decisions I ever made, and I was very happy there.
The moral to my story is that yes, gaining an increase in pay can certainly be an important factor in making major career moves, but they better come with an increase in happiness in other things, and those other things need to be the priority.