[cableshaft]

Before reading: If you're at the point of asking, the answer is probably yes. This isn't true of all professions, but for software development it usually is.

After reading: HELL YES. Get the hell out of there (but don't just quit without finding another job first, I mean just start interviewing as soon as you can). "The processes won't allow it" is corp-speak for 'don't expect anything ever from this company'. I've worked at levels above me (did the job of my boss after he quit) and never got a promotion for it, despite being told I should get one if I just hang on, for three years. The way to get to your level is to leave that company and join a new one at the level where you're supposed to be.

The hurdles to getting a new job suck, but you have to do it for your own sanity. Start doing whatever you need to prepare for it now, and make it a priority, even over your job if need be.