How is life as an Engineering Manager or higher designation at top MNC?

I have 2 yoe in SDE domain. Looking at the working hours of my leads and my manager, I feel like all they do is work and are mostly on calls. My manager even replies at 2-3am in the night. Plus how you guys feel about being sacked due to high package in recession or budget cut time? Would love hear answers if anyone have 10+ yoe.