I think most people forget that when contractor pays itself a dividend, that money comes from the profit which they also pay corporation tax on.
Then it's very much like PAYE. Only difference is that the client does not have to pay Employers NI, which is fine, because they are not an employer.
But taxes on dividends got higher and higher in recent years.
You can still work for years in the UK, accumulate money (or real estate / other investment) in the company - then you move to Dubai and withdraw dividends tax free.
You end up paying 19% corp tax rate on your income that you can access only after you're done with the UK - which is not great compared to lower taxed countries in Europe (Malta at 5% being the best), but you get access to the London only jobs which pay a bit more (even if now that's not really true in a post remote working world).
Definitely better than getting equivalent salary and being forced to stash money in a pension you'll see when you're 60 or pay 40% taxes
