The "game development industry" is not a single, heterogenous industry with a monoculture.
What you'll find is many game developers tend to be small development shops (100 employees or less). Turns out that most small development shops work the same way: casual atmosphere, long hours, lower salary and poor job stability. That's not specific to the game development industry but a property of small shops.
If you want a steady job with good pay and stability, work for some large corporation that does centralized server-based data processing with a web-based front-end. Cloud, web, yadda yadda.
The one distinguishing feature of game software over most software is the maintenance story. Most software spends eighty to ninety per cent of its life in maintenance, with bug fixes and new versions shipping over a period of sometimes decades. Games tend to be tossed over the fence and aside from DLC revenue streams, the development teams move on to something else right away. That has an effect on the entire development environment since you can write Krap Kode and as long as it runs it ships, whereas if you're going to be eating your own shit in six months like in other software development industries, you better make sure it smells real sweet. It turns out pretty much all consumer software other than a few bright lights also follow the dump and run model. Maintenance is hard and expensive and hard to justify to the bean counters.
But aside from that one difference, the game development industry is just like the rest of the software development industry, people move in and out all the time and there is nothing particularly special or unique about it.