They're noisier than ink printers, but non-industrial quality can be pretty reasonable for office-level noises.
Quality certainly isn't on par with laser printers, but for text (both Latin and CJK), it's perfectly clear.
Did you mean the late 80s'? Growing up we had a Panasonic dot matrix printer from the mid to late 80s that had no trouble with A4 paper.
A Matrix printer is essentially a typewriter with extra steps and typewriters had been eating any paper for .. a century before?
A lot of car shops with regular 100% humidity conditions will swear by dot matrix + tractor for feeding paper + printing. Plus, the carbon copy forms are guaranteed to be exact carbon copies which also leads to legal guarantees about copies of paper being provably exactly the same in the court of law.