Chris Avellone I am not in game dev but your experiences remind me so much of my current workplace it's painful to read. Thank you for posting your story; because of you I am finally going to take the step of looking for a way out of this dump. No one deserves to be treated like this.
I am sorry to hear about your situation; I hope you find other options - even doing an interview at another company and getting an offer (whether you take it or not, it can remind you of your value) and having a plan B can sometimes make your current workplace more tolerable because you know it's not your only option.
Sometimes even interviewing at a company you don't think you want to work at can give you practice for tackling an interview at a job you want - but sometimes, the company you thought was your last choice may surprise you as being a place you do want to work (or at least give a try).
Another reason to try and leave for at least a while: Some of the biggest raises at Obsidian didn't come internally - it came from people who left, then came back and got a jump in pay (yes, Anthony is correct, some people did return - like Brandon, and I'm sure he got a substantial raise for returning - and he deserved it).
The problem with this is that this wasn't equalized among the people who had stayed with the company (this isn't uncommon in the game industry). If you pull up a chart, you can likely see the discrepancies in people who stayed vs. those who remained, and usually, the titles and responsibilities of the people who stayed are much lower, too. On the other hand, leaving and coming back does usually imply you've gotten more experience at another company, which should equate to some additional value for the perspective.
BTW, I did not interview at any other company when I left or before I left, although I did maintain close ties with other developers and publishers, who reached out after the departure, which helped. Still, for a while, there wasn't an immediate clear option beyond I don't want to work at Obsidian or work for upper management anymore (I liked working with a lot of the devs, though).
Also, one other bit of advice - taking a half-day to plan an exit strategy can also remove some stress. Once you have a plan for if things go south, a lot of the question marks fade away and it helps you focus - an exit strategy is definitely worth planning out.
Related to this, even Obsidian's owners have an exit strategy - the way they have it structured, they'll likely try to sell the core company, but keep Dark Rock Industries (their side company) to themselves, since Dark Rock is what actually owns the rights to Pillars of Eternity (and likely other new IPs they develop).
By keeping it this way, they can make a big sale for most of the core company but still hold on to the Eternity rights with Dark Rock and then charge the "new" Obsidian (or any other company) to use those rights without having to do anything except collect paychecks. It's not a dumb move, but it requires a buyer to know what they're getting into (it would be unlikely a publisher wouldn't notice this tactic, however, but some might not).
Keeping the existence of Dark Rock Industries on the downlow was needed, however, which often meant when publishers had production or other staff come to the studio (or work at the studio), Feargus would tell us (and all the Obsidian staff) not to bring up Dark Rock around the publisher crew, in case the publishers might decide to buy them (which wasn't a real option at the time). You can confirm this with a large part of the staff who were around during Armored Warfare - they were told not to bring up Dark Rock around the publisher when the Armored Warfare publisher had offices and employees working there.
Again, it's a good strategy, but not if Dark Rock's existence is already known (which I've seen posted, even here, I believe, and it's been revealed to the public).
We weren't really consulted on this arrangement, btw - it just happened. I wasn't even present for the initial shareholder meetings because I didn't know they existed (even though I was a shareholder of Dark Rock as well, apparently). You can condemn my ignorance of that, but it was under very odd circumstances (about a year or half-year before the departure).