Depends how hard one is willing to work in vocational education versus academic education. Someone could have meaningful work in both fields.

It depends on which vocations and which academic areas are being considered, and of course what sort of opportunities you intend. Clearly a plumber can earn more than an academic. Crane operators likewise, and their work tends to consist of short-term contracts, so they have plenty of opportunity for extended holidays if they so choose, including yearlong sabbatical-like holidays. Many tradesmen do work that involves solving the often-challenging problems of particular situations. For some people, of course, tradesmen and academics alike, the daily grind is a means to pursuing other (perhaps related) pursuits that are their true love. So the automotive mechanic will earn enough and work in a milieu amenable to pursuing his hobby of vintage-car restoration or drag racing. The academic will put up with undesirable aspects of teaching or administration for the opportunity of pursuing his research.

There are crossovers too. I know of a male nurse who eventually became a hospital administrator but did research on Spinoza in his leisure time; also a man who was a lumberjack but worked on Greek and Roman classics after hours.

Academic qualifications theoretically offer more status but the range of jobs is then limited. Lecturer, journalism, writing-in UK politics. Not really as prized as people imagine except a graduate can convince themselves they are more intelligent than others. Vocational qualifications include business, photography, etc, more the accomplishment of celebrities who earn far more than us, have pleasanter lives and generally more fun. They do not question received wisdom as much as we do (or supposed to) but do they care.....Hardly.