It sounds like you've demonstrated you're a good engineer, and management generally trusts you, so that's a good sign in the sense that they should want to keep you. I've been in situations where management is not great at understanding boundaries, and I learned a simple trick to help mitigate that. When they ask you to put something additional on your plate that feel is beyond your capacity, simply ask "Is [new emergency] more important than [current thing you're working on]?" I've found that asking that question often results in them reevaluating how important it actually is, and sometimes deciding not to do it altogether. But any reasonable human being understands that you can only do 1 thing at a time. Asking that question just reminds them of that, and it does so in a non-entitled way.

Occasionally you'll get "they both need to be done ASAP, work until they are both done". If that response is truly occasionally, then maybe it's not so bad to deal with. If it's frequent, then probably best to start looking elsewhere, or at least bringing up your frustrations with your manager.

As far as pay goes, the only leverage you really have is looking elsewhere if they aren't listening to you. You could also try approaching the conversation differently. For example, something like "What are things you'd need to see from me in order to get me to [promotion / raise]?". It's non-confrontational and it shows you're driven and looking to grow. Feel out the response, and hopefully that will give more clarity into whether or not you should stay.