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By and large you will have a better time as an In-house PM
Can’t emphasize this enough
I worked at a product design and dev agency for 3 years. Built a ton of stuff because we worked across many industries. I learned how to launch new products, but there was rarely a chance to own a d iterate on something long term.
Mentor
I worked for a small custom dev shop. It was a good experience, got to see a lot of industries, got to work on a lot of different types of applications.
The downside is that you don’t truly have ownership, so it’s a very different type of experience for a PM. The other thing is that budget becomes an interesting aspect of the decision making...I know it’s always a factor, but when it’s an external entity that owns the budget, the conversations are just different. I guess it all traces back to the ownership question.
Overall though it was a really good experience.
I agree that it can be hard to feel the same level of satisfaction, and, control.
I don't think it's a bad idea at some point in your career, because it also gives you a sense of the landscape, more broad industry knowledge, etc. But ultimately you're going to want to settle down with something.