No .. The situation in academia is terrible and can be far worse than industry. In industry, h1bs and long term interns (a thing in Canada) also face some very real abuse .. but no where is it as prolonged as academia. It is a real shame. This is not just in the advisor advisee relationship .. but also when you submit papers to conferences and journals. As an insider to the reviewing process, I am often nauseated at the arbitrary and unfair nature of it all. I have seen attempts at fixing the reviewing system actually make it worse. Contract teaching and being a TA can also be horrible.

I want to say .. this is not a guarantee that you will be abused. There are many many excellent people (junior, senior, all around). You just need to protect yourself. If you spot abuse, speak up and be prepared to quit. Life is too short.