Yes, this would be a very good deal for you, if you can manage your overtime in the future.
Salaries normally never go down. Increases in salary pay off year after year until you leave the company. Sure, you can hit a ceiling where you simply do not get more, but they won't take it away from you (in a sane company).
So: your goal is to take the increase, and then avoid overtime in any manner you can. Not only to make more money per hour, but also to avoid burnout, and to get into a working mode where you can churn out the same time year after year without detrimental effects on your health.
As far as I'm concerned, if an employee is not allowed to convert overtime into money or time off at higher levels, that does not mean that he or she should work without limit. The silent understanding is that mature employees are able to handle their time, for example by being experienced and fast; or by being experienced and able to estimate the needed time to achieve a task relatively accurately; or by having good time management.
If it were otherwise in your company, I'd suggest looking for a new company rather sooner than later. You're a brain worker, and you can only pull off 50+ hours per week for so long. You may feel invincible now, but believe me, constant overtime gets everybody. Burnout is not fun.
TLDR: Do get the increased salary; but do make sure to avoid regular overtime by all measures necessary.