You absolutely do not have enough context to make that judgement. I doubt his company is curing cancer or colonizing mars, but do you really think poor intellectual property assignment policies alone make any company, bad? It is one of many, many axes and it doesn't override everything else.
If your company is dictating what you do when you're not working you either need to find out if those clauses are even binding (probably not) or just find a modern place to work. If they really control what you do when you're not on the clock then explain to me how you're not a slave.
The worst part about this is, if companies are allowed to do this they can ensure that some people must continue working for a living instead of becoming financially independent through their own talent.
