I am in similar situation. I think I might go for it as I am single and without kids which is less risk in terms of family situation.
30Yo flying for pink ULCC in eastern Eu. No home base within the network and other LCC at home not any better. Overall my company is nice from personal experience but since I dont have home base I dont think I will stay indefinitely. Also, the town I grew up is irrelevant as home because my family is all around the world now and I am coming from different countries every time coming from holidays. I could try the pinky in ME and stay in the same company but the waiting list is long and dont get all the benefits you would with EK.
Regarding the upgrade. All the cons stated above are right today. But I see a positive trend in competition with the other ME Majors now Ria is lunching next year + A350s coming…(while 777X are really struggling to get certified) it seems to me 5/6 years to first command shot on bus fleet is actually possible. Even if it ends up 7/8 years, its not a deal breaker for me. Long term I want to go to save money while getting global flying experience.
I just applied now. Lets see what happens
cheers