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The only way to earn well as an F1 engineer is to either progress into a senior role (terrible work/life balance) or work as an experienced contractor (40+ GBP/hour). The average salaries are higher compared to similar industries so I wouldn't really call the compensation mediocre. In 6 years he would have made 60 grand before tax in bonuses alone.
UK engineering salaries are awful so it's not really fair to compare salaries to say US or Germany based jobs..
I disagree about the recruitment bias towards british nationals, I would argue that in terms of nationality the british F1 teams must have one of the most diverse workforce in the UK.
He makes some very great points, and was good to see him raise the credit history issues and other difficulties that you would get likely moving anywhere that isn't your home country.