This is essentially what I did, and I feel like it worked out really well for me. Besides the benefits you mentioned, I feel like my money goes a lot further over here too in terms of healthcare, education, and housing.
If you adjust for quality, many things in Europe are similar in cost to the US. Rents are arguably cheaper. A 2 bedroom apartment in Wien is like 1200 USD vs God knows how much in SF. And Wien is officially the world's most livable city.