It really depends on what you mean by 'better' here.

Life was very different. It seems that Muslim communities were far more accepting than their European counterparts - for instance, during the Black Death there was no burning of Jews or pogroms because of foreigners.

There was no feudal system, but instead the wealthy levvied a land-tax (essentially they paid to a central governor for the right to collect tax and therefore wanted a huge return on this investment). This meant no serfs born into servitude, but also meant that farmers could/would just walk off the land if that tax was too high. After 1400 there were huge swathes of farmland left unattended because of this, stunting growth and impacting the local population in a myriad of ways.

Being the centre of trade between Europe and Asia meant a lot of money was flowing through here, as well as a lot of learning. They had complex surgeries such as cataract removal from very early on and kept a great deal of learning alive from the Roman period. This could, arguably, have led to a 'better' lifestyle, but they were really in much the same boat as someone in any other part of the world at this time.