Like anything else, some places are awesome, some not. I’ve seen both. The worst ones are just like modern places with overcustomized PeopleSoft or SAP - except the blobs of off the shelf software were purchased 30 years ago by people long dead.

Other places stopped development 20 years ago and surrounded the mainframe with now legacy middleware. A lot of the “COBOL” problems with unemployment systems during COVID were actually legacy Java crap from the early 2000s that sat between the mainframe and users.