Quiet Quitting because of compensation and position title

I‘m at a loss, I like the job I’ve been given and the work I’m doing. I’m decently compensated in general but relationally to my coworkers I’m severely underpaid. I brought this up to my boss and he agrees, this was over a year ago, but he has made no attempts at correcting this discrepancy and keeps handing me more work and says “sometimes we have to do the work of the position we want before we get the promotion” and I’m am not on board with that logic.

Background. My department restructured, we use to buy out tech product from 3rd party vendors, we are now developing our own products I house. I was, and still am technically a BA, through the reorganization we are mainly hiring PM now. Because of AI in our company they’ve stopped hiring BAs.

Because of this I was put in charge of a product but my job title was not changed. They hired about 15 new PMs in my department, and 4 in my group alone. These new hires are making 30-50k more than me and are coming in with job titles 2 levels above me. However, I’m doing the same work, have the same responsibilities, and the same goals as these people. Plus the organization has not updated any job titles so it difficult to point to the differences.

I know most would say just leave, I could find another job elsewhere. Problem is I would have to relocate to stay in my industry. Right now this has its benefits, my boss and my coworkers are all in different cities, so no one monitors me at all. Through mergers the department I’m currently based in are located in different cities. The office I’m completely other departments and vertical (I started around co-vid and a RTO this was the closest “headquarter”)

I do like the project and product I am working on. I live less than a mile from work so my commute is non existent. My pay affords me the lifestyle I want in this city (it’s LCOL). I still get mediocre raises of 2-3% a year.

Do I just bang it out and continue doing things like taking 2 hour lunches and leaving a 3:30-4? Ive interview a couple places but I am kind of attached to this autonomy, just so frustrating knowing I’m in meetings with people 2-4 hours a day doing the same thing but knowing they are making significantly more than me. If we were making the same range I wouldn’t be this torn/annoyed.