Development soeed was advantage, but the trade-off was that the good database developer skill is still rare and you had to grow and teach other [junior] devs for years. They used to stick with the team much longer time than the average developer, but still I believe it is a disadvantage.
What about PostgREST, the biggest issue I have with it is a DB server being available publicly in the net, I usually try my best to either place DB servers in the private network or "hide" them.
Other than this argument, it's a pleasure to develop on that low level. SQL is an important skill and it's strange why so many devs know it superficially.