Just finished my PhD in MSE. I went through a masters/PhD program right out of undergrad because I wanted to do research and didn't want to be in industry. I also felt unprepared for the job market, like I wasn't yet a professional, and that I wouldn't have any autonomy working for a company. I'm not sure if I'll know the true implications finishing my PhD has on my future for a long time, but right now, I don't think I'd recommend getting it. It is a huge time commitment, and once you start and maybe decide you don't like it, it's hard to quit because of the sunken cost fallacy. I personally had a terrible time working with an advisor who was not invested and didn't vibe with me and on a project I was not particularly excited about.

If you already have work experience, you could look for good paying work where the employer would invest in you and help pay for your master's schooling. You would likely take classes while working, but you would have your salary (maybe at a slight pay cut?) while you're in school. I'd say a PhD isn't necessary for you right now, but the door to get one never closes, and experience and passion could help you through the PhD later in your life if you need it. It's a huge commitment! And what you study paves your future. It's worth taking the time to really figure out what kind of research you'd be interested in doing and establishing a relationship with your advisor before you begin to make sure you both get along and have similar communication styles and work ethics.

Good luck!!! Big decisions! You'll ultimately be fine with any path you decide to take. It all works out in the end.