Pros
Workload tends to be lower when you're new allowing you to get up to speed. Usually what's expected of you is clear. Never felt like I was going to be fired. Lots of opportunity to try different things. They offer some training that one could take advantage of. You have to be accountable for your work but I wouldn't say you're micro managed, or at least in my domain.
Cons
Documentation in a consumable format does not exist here, it will cause you issues. Code base is monolithic, expect to see lots of mess due to people not wanting to impact it, improper use of modern coding concepts, compounds with the documentation issue. Most applications are simple or could be simple but due to the above simple problems become difficult. You'll see a lot of ways not to do things, learn from the past generations mistakes, you'll grow a lot, many people work hard to keep things working. Opportunities for job promotion or career growth is not defined even if you directly ask management. If you're someone who can't make decisions for themselves, this place isn't for you, people hiding behind tickets/meetings/emails make things more difficult than needed.