Is Woodworking a practical career path? It is an interesting question for sure, but it all depends on your definition of woodworking. Do you define a career in woodworking only as someone who builds and sells hand made furniture? If that is the case, then I would agree that woodworking as a career might not be as lucrative as some might hope for. But why restrict your definition of a career in woodworking as only someone who sells furniture pieces they personally build? A career in woodworking can be so much more. What about someone who manages a team at a custom cabinet shop, a salesman for Festool, Jet, Easy Wood Tools etc., a high school woodshop teacher, or someone who posts videos on YouTube of their woodworking projects and receives income from sponsors?
I would classify all of them as having a career in woodworking. Ultimately my personal criteria, to classify a career in woodworking would be, anyone who has a passion for and enjoys woodworking and is able to get paid to perform the tasks they would otherwise do on some level for free. For example I would classify someone who teaches classes at Rockler or Woodcraft or who is the editor of a woodworking magazine as having a career in woodworking even if they do not sell any items they build.
If you can be openminded to what defines a career in woodworking or any career that is rooted in your passion for that matter, you will find that there are countless possibilities of practical career choices that will be both lucrative and allow you to fulfill your passion every day.
Choose a job you love, and you will never have to work a day in your life.
— Confucius