If the on-call rotation is fair and you're only on-call for the things built by your team, it would be overall a net positive. You can learn a fair bit about your team's software, operational excellence practices and sharpen your debugging skills - all of which are decently important. But there's a few more meta things that can be done to make your on-calls an even better learning experience for you.
Don't want to wake up in the middle of the night? Ensure higher quality software is written by you and your team by proposing and influencing better practices.
Had to wake up in the middle of the night? Conduct a post-mortem and bring in process changes to minimise the chances of that happening again.
Had to resolve some issues that have come up time and again but steps aren't very clear? Create a runbook yourself or get the correct people involved who can get it created.
Have trouble deciding the severity and/or impact of an issue? Build better instrumentation to figure out the business impact of any issues
All of the above^ are senior+ level engineering behaviours that would have a great impact on your entire team.