I would say there are limited number of fields where having PhD is an assumed norm, and would influence your hire-ability. Molecular biology is one of those, from my experience?

Your time is probably better spent interviewing, networking or searching for internships.

Your idea of how PhD works seems quite bleak, from what I heard, it can be a bit more creative/involved version of things you already do for your MSc thesis.

So if you hate MSc, but really like the research you do, and your advisor and research-group, I would consider staying. Especially if they know how to write grant-proposals ;)

If you don't like the research, run.