You do get a temporary high, but it doesn't take long to revert back to how you felt prior to the vacation.
I always have this "everything makes more sense" feeling when I get back. Would be nice if it lasted.
Being able to do whatever you want whenever you want is both a good and bad thing. Yes, having the option is great, but - I think to stay happy, you always need to be doing a little of things you don't necessarily want to do (going out of comfort zone). In other words I don't think traveling continuously with no work in between would keep anyone happy forever (although traveling in itself sometimes feels like work). But yes, being able to do whatever you want whenever you want as long as there's still balance will absolutely improve your quality of life.