OP, here is a very very anecdotal (true) story of two families. (Sorry it is a long one).
Family 1 (my dear BIL and SIL)- Mid 30s.
They live the life you describe. They moved across the country to "make the big bucks" in Oil and Gas. As an engineer and teacher, this was pretty easy for them to do. SIL has some minor family money, but I don't think they are getting too much help. Bought one house, and when my SIL finished her schooling, sold it, and started building a new build McMansion (~3000 sqft?). Also bought a rental property in there, since this a MCOL area comparative to the salaries, but complain all the time about how annoying landlording is. Both love brand names, and sparkly things, and BIL received a lovely watch for his wedding gift. SIL's engagement ring was ridiculous. They at one point had a Louis Vuitton cat carrier (for their "baby"). They both LOVE cars. They have been selling and "buying" used luxury cars, always at "such a good price." At one point they owned a Nissan GTR, a Escalade with all the fixings, and a FRIGGIN LAMBORGHINI. They spend their weekends hanging out with other fancy car enthusiasts, most who are older, and have way more money than my SIL and BIL. They spend their money on improvements on their house....for their cars. (ie putting in a fancy new floor in their garage). They LOVE starbucks and energy drinks, and neither one of them cooks. They have ~6 TVs in their house (including one in the bathroom), and definitely have cable. Oh and throw in the fact that they had two kids within 2 years. Sounds nice right?
Family 2: DH and I - late 20s
We also moved slightly across the country to find jobs, as two engineers this wasn't hard to do. We picked a VHCOL due to the fact that I had family in the area. We rented a tiny little condo for a few years as DH finished school, worked our butts off for 3 years between our jobs and side hustles (and a little help from family) to be able to afford a down payment on a TINY 650 sqft house (+Basement). After "buying" a normal car (and face punching ourselves since it wasn't used and we were financing it), we sold it, and bought a used Honda Fit. We also rent out our basement of our TINY HOUSE. We don't care at all about brand names. Fanciest thing I own is my engagement ring (which wasn't mustachian, but I didn't have a say in that). We buy most of our things on Kijiji when needed (including our cat carriers, which are NOT Louis Vuitton), and we love thrift store shopping. Our hobbies include hanging out with creative types (aka starving artists) or other mustachian engineers. We got rid of cable 3 years ago, and now we can't stand watching TV with all the commercials (we still spend way too much time on netflix/youtube). We had to get a 2nd car recently for work, and we got a old Prius (that was completely covered by the increase in salary due to the work change). We travel quite a bit, and spend similar to you on restaurants and food. Sounds like the life that you can afford right now. (Note our income is ball park about the same as you).
I'm not saying one life is "better than the other" but unfortunately that is exactly what society does. They look at SIL/BIL and they see the luxury and how they are "more successful" than DH and I. SIL has actually teased us over our choice in cars. SIL/BIL also look down on people who aren't living the same way they are. I personally have been concerned when my MIL comes to visit me after visiting SIL and BIL. I'm almost embarrassed by our tiny house and second hand stuff. (Even though this is my own insecurity, MIL and FIL are very middle class..worked in pension jobs until the retired, have a simple house etc.)
Here is the kicker. DH and I assume that we are on track to match income with SIL and BIL. IE: 5 years ago, they were making approximately what we make now. So where is our Lamborghini?
What all of the above doesn't describe is what is going on behind the scenes. SIL and BIL recently went through some pretty serious marriage stuff after their 2nd child. I am making assumptions here, but it seemed like part of the break down was the fact that BIL only took 2 weeks off after the baby was born and immediately returned to work because of financial reasons, leaving SIL at home with 2 babies, and no family support. Too bad the Lambo couldn't rock a crib too? SIL and BIL have also admitted that they will not be moving back closer to family because "they have gotten accustomed to a lifestyle" and the salaries back home can't keep up. As the kids get older flying back home will become "too expensive" with a family of 4. FIL doesn't fly, so he won't be seeing much of his grand children. As the main bread winner, BIL is continuing to work extreme hours to support his family, and drinks multiple energy drinks a day to "get by". They are smart people and I'm sure they are saving 10-15% for retirement, but if he ever lost his job the situation would be dire (which is risky in a declining industry). And BIL is pretty much set that he will work until his late 60s. Oh and that Louis Vuitton cat carrier?? Well after they decided their house was now too nice for a cat, and got rid of the cat. So much for their precious baby.
Meanwhile over in in Mustache land, DH and I are actively looking for work back home. We realize that we will take a pay cut, be we can afford to, since we are living on ~40% of our incomes right now. Even with the pay cut, moving from a VHCOL to a MCOL and selling our now almost worth double (!!) tiny house, we will be very close to FI. We are planning for kids, and future options include: part time work for either 1 parent or both, getting some rental properties for passive income (and no more 9-5s!!), a nomadic lifestyle for the first few years with kids, the options are endless! We will be living nearish to my inlaws, and my siblings, and a weekend trip away from my parents and our entire extended families. Also the QOL back home is infinitely better than where we or SIL/BIL live. Makes me feel all warm and fuzzy just thinking about it. Most importantly, we are planning a financially secure future where if one of us loses a job it is "no big deal". We also hope to mostly FIRE by 42.
So if I take these 2 families and flash forward ~12 years. BIL is returning from travelling for work, for the first time in 2 weeks, his health isn't great as he has no time for exercise or diet, and his stress levels are through the roof because he has heard rumblings of layoffs. BIL hasn't received a raise in years, and the payments of the lambo became too high in the last work reduction cycle, so that is just a fleeting memory of "better days". It was an upside down car loan, but they had to sell it anyway to pay for private school for the kids. SIL is at home (summer holidays), and the two kids (now 14 and 12) are shipped off to a fancy summer camp, probably horse back riding. SIL is miserable in a big empty house full of all the latest toys and gadgets. BIL returns home to a miserable wife, and they have the same argument about stress/work/money that they always have. They know they will never get the value of their house back with the declining economy in their area. Things are tense. They try to smooth things over with a fancy date night, and BIL buys SIL a new shiny object as an apology. Tomorrow he gets up and leaves for his work at 7, and he only comes home at 7pm, and they both sit in silence watching TV in separate rooms.
Meanwhile, DH and I will be sitting on a beach, with our ~11 year old, 8 year old and 6 year old (oh dear lord that is terrifying). We have just visited my parents, and spent the afternoon picking berries at my cousin's farm. We are spending the month travelling around the area, camping (or with a mini tent trailer), biking from place to place. We quickly check our email to make sure all of our renters are OK, and spend 10 minutes checking our investments (a monthly thing, we forgot to do it last week). I check my linked in account casually, and see that I have a contract offer for the fall, but I'm not sure I want to take it. I'll think about that later. Our "work" is done for the day. We drop our 11 year old off down the beach as she has started being a "mother's helper" for another family, and already talks about "saving for college". The evening will probably be a bonfire or board games. Tomorrow we will wake up, make some pancakes for everyone, and leave the kids with Grandma and Grandpa while we go on a quick bike ride. On our bike ride we talk about the projects we need to do for MIL and FIL, as their health isn't great, but we are around to help, and we also talk about our next rental property we want to get, we also start planning a big international trip the family will take in a few years! In the afternoon, we may go down to the OTHER family farm to visit the cows, and ride on my cousin's horses and/or ATVs for a treat, but we may just relax, because we have ALL the time in the world!
This very very long rant is basically all to say: think about where you see yourself in 15 years. What is truly important to you? And what are you willing to sacrifice for your luxury items. Your life is going to change very shortly with the new baby, and you may find your desire for your fancy watch disappears!
Hopefully you can find happiness in your current life, and indulge in a few luxuries along the way that doesn't derail your future happiness :).