I've been in a project like that for a while and it was actually pretty good, we got stuff done on a regular and predictable cadence.
Which is understandable, because according to my experience it is very hard to fit all departments into an agile concept, specially in companies which aren't focused on selling software.
Then you also get stuff like 100% unit test coverage for beautiful management reports, which blows up development costs, as some teams spend more time writing mocks and trying to find ways to test UI code than actually writing product code.
Then the company decided that products are not built fast enough, so we should be "agile". Guess we all know the rest of the story.