The work can get "samey" after a few years, which leads to higher employee turnover at the ~5 year mark.
In development, we still haven't mastered our business model so life can get stressful. Eg, suddenly having to cancel a project, or having to end it earlier than devs would want. It's much better than in previous years, but some tough problems never seem to get solved.
Management culture is improving, but we still tend towards promoting the best individual-contributors as opposed to the best people-leaders and project-managers. I don't think we have any "toxic" managers, but some lack true competence as managers (though they may be great individual contributors). Internally we don't typically "groom" people for management, so this is unsurprising.
It's a passionate environment, but the work isn't as creative as other industries (at least for artists & designers).
It's a very programmer-centric company and industry. Other crafts tend to be misunderstood, under-appreciated, and not used to their full potential like in other industries. For example, UX Design is of primary importance in the consumer-facing web/app industry, but mostly optional (and even a hinderance that slows down programming) here. Nor does the military consider "ease of use" as a priority (just look at the real-world systems used to control eg a tank).