Correct, in fact I would say that for the higher salary you are also giving up a lot of legal rights as well. The idea that you can be fired for any reason at anytime in a lot of the country is an incredibly stressful concept for a meaningful part of the population.
It does make it easier to get hired since hiring doesn't carry as much risk for the employer. Some companies do offer employment contracts that restrict their own ability to fire as well. Both options are available.
