that doesn't sound that bad as an swe. Work on some of those frustrations, do some refactoring, bug fixing and documenting. Maybe have some extra time for job hunting. At least you're being paid.
Trust me, it sucks, especially when the next performance review rolls around. In large organizations where this is possible, often you won't even be able to work on anything because it requires approvals from a managerial chain you are not a part of, or repository access that is given by team, etc.