You need a more fundamental understanding of how your MCU works (again, similar to any home PC in the 90s or early 00s), but once you learn those fundamentals they transfer very well, and knowledge has a high degree of transfer from one project and generation of devices to another.
I also find it highly satisfying to work on things you can actually touch or point to, versus spending 6-18 months of your life for something that just sits on a server somewhere as a cog in a short-lived system.
You do need a certain type of brain to enjoy this kind of low level development and HW design since there is some overlap and you often have to roll your own versions of common-seeming operations, and I suspect salaries are lower than in some shinier fields, but overall I've always appreciated the work I do, and the colleagues I've had in this field. The egos tend to be smaller, and the drama minimal since the people doing this kind of work tend to have been at it long enough to have some perspective on things.