OMD OP I could write a long boring essay in reply to this
I'll try to summarise
my second career put me in touch with a lot of writers and publishers. I'm not one of them, but I prefer not to out myself saying what I do, you'll understand.
What I have seen is that the process is not only endless, but prone to change for tiny reasons.
for example, a publishing house changes strategy, your type of book doesn't fit, they got something similar from a big name that's easier to promote...
One contact wrote a sinister mystery and was genuinely asked to do a structural edit that would give it a bit of chick lit, simply to fit their lists. The time between "acceptance" and publication is huge and their % targets etc will change in that time.
I have some fiction work I'm polishing but have decided to go to a small press or self publish.
also, I would add, the big names are not necessarily treating authors any better than the smaller ones. One publisher has bluntly said to me "we've got so much to choose from and so many people willing to do all the stuff we request".
If it matters to you to say - "my book is published by Mahousive Global Brand Publishing and available in all branches of Waterstones" then it is worth the route you are going, I guess.
but for me, that's not what I want. If I am going to finish my work, I want a fair share on any profit and there are smaller presses who will do that. I also know how to do the marketing etc - but interestingly I see more and more large publishers expecting their writer to do their own publishing.
all this for 7% of the cover price.
I am surprised that authors and the Society of Authors haven't yet managed to push for better conditions, but I think it's because there's a massive glut of people who just want their book published by a big publisher, no matter what. As long as that goes on, the endless hoop jumping will go on.
what does your agent think? I'm afraid I can see the possibility, with trad publishing, of being on the right track for a long time, and presumably it's all part of life with a bunch of other commitments too?
I've given myself a deadline. I must either finish the work and submit to small press or self publish (not yet decided) by Xmas. If not, then I will accept it's just a hobby and not something that's ever going to be part of my career - however small a part it might be. Priority always has to be bills paid really.