How do I deal with an incompetent boss who favors my coworker?

I’ve only been here for 6 months and I’m already very tired of this workplace. I moved across the country for this job because it pays very well. My boss doesn’t care about anything we do. He’s very charismatic, but he doesn’t really do any work. He makes my senior coworker do his work. Therefore, he gives her the power. She is a pain to work with and has caused two people before me to leave. She micromanages, belittles people, and spends 60 to 70 hours a week working and gets mad when others aren’t at her pace. She has caused drama for subordinates in other departments who needed to collaborate with us. These people ended requesting their boss to not allow them to work with my coworker anymore. My former boss, who’s my mentor, told me that it’s best to not bring it to my boss because he will be biased and find ways to get rid of me if I report my coworker. My former boss told me to just apply for a new job and leave. She also offered me to go back, but moving is so expensive and I actually have more family in my current state. What should I do? This job is affecting my mental health and I honestly slept only for four hours every night because I get nightmares.

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