It's very common. I'd bet most software projects still fail. I once met a guy who'd been a gamedev for over 10 years at some big companies, and every game he ever worked on got cancelled.
Sometimes these long, poorly managed projects do succeed though. Usually because they launch a beta or get publicly scheduled for release, and the sudden reality check causes someone senior to trim the scope down dramatically.
It might be worth sticking around if you think you're learning things, but impose some personal limits. Don't kill yourself trying to meet some idiot's impossible schedule. Work your contracted hours and no more. Be blunt and unashamed about how long tasks really take. Share your concerns when the month's schedule looks unrealistic, referring back to previous tasks that overran. This is how you learn to one day become a lead who doesn't run shitty projects like the one you're on.