If you want to develop a simple crud style app, with user login, mail sending and all that stuff it is highly productive.
Performance is okay and certainly good enough for the average web project.
Just get rid of the weird parts like turbolinks (unnecessary and messes up a lot of js) and don't write APIs using it (can't even rename fields easily).
There are similar Frameworks in other languages and they all have pros and cons.
Imho when it comes to web frameworks there is way too much emphasis on the startup style company and the ones with huge traffic.
Companies doing grunt work style web development don't waste their time on flavor-of-the-month.js.
If you build a website for a niche company to sell odd machinery on, you have to get shit done and you will never need to scale.
That means reliable, batteries included, highly standardized and easy to use. Rails ticks those boxes really well.