I worked, as a civilian, for part of the R&D arm of the Navy, but it has a very similar feel to what you have posted. I would 100% agree with everything you have said, except the pay.
One thing I will add is getting tools and resources to do the work you want to do can be a challenge. There can be times when getting through the process to buy a $75 multimeter can be more difficult then the $16,000 signal generator.