Is work life balance really better when you have to worry bout finding your next gig and also that everything’s on you (don’t have a team/others to fall back on)?
If you bounce from full time to full time with 75% unemployment you are a no-hire many places and almost universally in a downturn. Consulting and contracting is often used to be vague and even pretend you are unsuccessfully looking for contracts a lot of the time precisely because that is the reality for many and more acceptable for many types of employment.
If your FTE role is general developer you are jumping with no experience and will need to be lucky. If your last FTE role is sales engineer or professional services, you are already proficient in many of the skills and networked. If you aren't sure how to get a first contract you didn't really choose the right FTE role yet.
If it would be easy - everyone would be doing consunlting coz it pays way better and work-life balance is also better.