Yes, mine was grandfathered in since 1947. What are the disadvantages/advantages? On a separate note, I was also thinking of installing a backwater unit.
You can search out more, but my recollection is they tend to clog requiring fairly frequent cleaning. Also they also don't allow the multiplicity of houses to provide venting for the city sewer.
The advantage I remember seeing is if there is a bad vapor in the sewer, such as gasoline poured in, the trap could stop the vapors from getting to the house plumbing. I have also seen thoughts that they inhibit rats coming in thru the sewer, but I think rats may be divers that can make it thru the traps.
Regarding backwater valves, best are the "normally open" type. The normally-closed units, with a flapper hanging down, will tend to get held open by debris. The normally open type have their outlet lower than the input. So you have to make allowances for that.
Best is to only have the below ground flows go thru that valve, so above ground floors can continue to function.
The gold standard in anti-backup for sewers is the "overhead sewers" where basement loads feed a vented sealed pit that has a pump. The pump pumps up and the pumped waste then drops in from a level higher than ground level.