Yes it is a well-document phenomenon. You articulated it beautifully. I also wrote about hedonic treadmill which affected my life in my younger year. I link my piece as a reference to enhance the meaning of your great story. Thank you for writing this so clearly.

https://medium.com/illumination/why-i-no-longer-chase-money-how-i-escaped-hedonic-thread-mill-to-find-true-joy-d220c69d5362