Not really a 9-5 job. Sometimes classes held at the evening time, especially for grad school classes. Even weekend also need to go back to office, especially for ipts.

PhD is a prestige, only if it is from a top ranking university and/or you got good grades/published papers in international refereed journals/conference proceedings. Nowadays so many people taking postgrad degree around the world, making the masters/phd qualification just like typical degree.

reputable university is important. the quality of research you can produce also important. go to top university but result is shitty also no use. just simply replicate existing research also no use. got phd from reputable university but never or dunno how to write manuscript for conference proceeding and peer-reviewed journal also no use.