I was a nurse educator (depending on where you work, it might or might not require an advanced degree) in a hospital, for a hospice, and for a few universities. Pay at the hospital and hospice were the same hourly rates as all the other nurse with my same level of seniority and education. At the universities it varied. When a person teaches part time/adjunct, the pay is often pitiful. This was the case at 4 different universities in my area. One place that wanted to hire me would have really only been paying for my gasoline to get to and from the site. Others paid better, but it wasn't enough to survive financially. I had to have another job. Teaching full time is much better--it pays up to ten times more per hour-worked than part time paid. You also get paid more if you have more seniority or education. At my current job, at a university, I earn a smidge less per hour than I earned at my last clinical nursing job.
Teaching in a hospital you get the same time off as all the other nurses--dependent on your seniority and education. Often you don't have to work weekends, nights, or holidays, but if you need to present a topic to staff, you have to work when they work, so it can mean working all shifts sometimes.
Teaching at a university, you can have a spring break, and a long summer vacation, if you choose not to teach in the summer. Your hours are when you teach plus you put in office hours and it takes a long time to prepare classes and grade students' work. If you don't work during the summer, you don't earn any pay for the summer. The pay you earn during the school year is likely spread over the entire year, but that means per-week amount you can spend is less than if you get paid just during the school year.
Time off in the summer and not working nights and holidays are what swayed me to teach at a university.