The waist is at the "right" place. I think this is an issue of dresses that are fairly short that have a true waistline--the dress end up being exactly half top and half bottom.. That is not my preferred proportion, which is why I even think "young" ladies wear a lot of dresses too short to my eye--it's not about being immodest, it's the proportion of skirt is too little for the amount of top. Whereas empire waist would have more bottom, and dropped waist would have more top.
So, I would like this dress a bit longer, ideally, for the proportion reason. And I actually like the pattern, but it emphasizes the horizontal bisection thing going on.
However, if it ticks a lot of other boxes for you, then you just have to decide.
I've posted outfits in which I was wearing one of my favorite tops that make me feel like I have superpowers or something, and people said, oh great outfit as long as you trade for another top that has more of this and less of that. So it was good to know (maybe), but my "eye" just was still set on that top and so I just had to do my thing.
Is it only a summer dress, or would you wear it in the fall with tights and low-contrast footwear?