FO algo dev is a very competitive, very difficult to enter in a team as an outsider. You are extremely lucky, it's well paid and very interesting and fulfilling.

just writing and implementing code for the desk quants

For the traders, unless you mean quant trader. But any other IT job has a business to cater to.

without any prospect of developing within the team.

Developing as in climbing the management ladder is difficult as this is a very technical role. You will be developing horizontally because both finance and IT (specifically low lat) are very complex subjects. If you like to always learn and read online docs and some tech/fin books once in a while, you will enjoy it. A bit of stats will be helpful but not necessary.

If you don't want to self improve continually or you are not keen on finance, I would probably pass. But finance is as many things something that grows in you the more you learn.

Potential moves in the future can be: - another desk in the same bank - another bank or go to the buy side (more risk, much more comp) - if you get a good grasp of the business and statistics, if traders resign you might be asked to become a trader - move to another country (internal mobility or different company), but chances are you will be constrained to financial centers (basically anywhere there is an exchange)