A product that is written by a revolving door of junior programmers plus the other 20% who have survived that abuse, would make for a lousy codebase. Sustainable, quality products start with consistent, quality code. If I witnessed anything even remotely close to this pattern in any company, no matter who they are, I'd be running for the hills.
It's a sad exploitation, knowing that many juniors will take anything they can get. If a senior tolerates this from the leadership, I'd question the path they're on.
I understand that perfection can't be in anyone's budget and that companies need to save money, but this red flag is very telling of the product and its leadership.
A more ethical and mutually beneficial way to do this, is to work with local colleges and universities via co-op programs for cheap, temporary work.