Depends on the situation, factory farming definitely, but for most natural raised situations I'd argue the animal's well being is like 99% of the work being done.

It's also a double-edged sword. The moment a domesticated species isn't useful enough for us, its numbers (and therefore genes) will decrease dramatically. Plenty of livestock populations may be reduced to a tiny size if artificial meat production becomes cheap enough, or if it's decided to be a necessity to fight climate change.