What does a Product Designer actually do?

Well there is a different and better definition but let me put it in simpler terms -

Basically a Product Designer is responsible for a product from its inception to market-ready stage. Let’s just say we want to produce Sunglasses, we will employ a Product Designer who will do all the research and work with the Design Team (Notice here) to make sure the product is coming according to their vision. Once the product is ready with all the testing and everything then the Product Designer must make strategies to get it properly marketed and make it ready for the prime time.

Basically you own a product and that product is like your child and anything happens, you have to take care of it.

This goes for Physical things like Sunglasses as I mentioned and also Digital Products like a new Website to manage your Taxes or sell these Sunglasses.

😎

Fight for their design decisions and get rejected(a lot)

A product designer depending on the company has to build designs that account for behavioural science. Exploit human emotions to drive metrics, this gives a rush of dopamine straight to their hippocampus every time they use the app.

I've only seen one designer in my life who actually does good work. The rest are Figma junkies hooked on cocaine, making good designs for their next job and bolster their portfolio lol.

I don’t think you should over index on the pay factor. Most product designers earn much less than other roles. Joining product design with pay as primary motivator is a big mistake because very few companies pay significantly large amounts of money.