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The value you bring to the firm is a factor in that it is a cap on what you'll get paid. Value is also relative, if a monkey can provide 90% of your value then you'll get paid a little more than peanuts.

If a monkey can provide 90% of your value, but there's a shortage of people who can provide the other 10%, you might still get paid well.

I mean, if the monkey doing the can generate 900k of value per year, but a human doing is can generate 1MM per year, then it would be better to hire the human for anything up to 96k/year (assuming peanuts cost less than 1k/quarter).

If you got balls, you can try to extort your replacement value. If you come with unique skills it may be much higher than what your resumee looks like.

That requires rational thinking and accounting skills on part of management, both are often in short supply, just look at the current Elon Musk meltdown... mission-hostile management is a thing.

Of course your value is relevant to your salary. It sets the upper limit.