When you blow the whistle, the engine will slow to almost a crawl, if not stopping.
The 1033 is essentially equivalent to the CW-80 in output power, and unlike the CW-80 or Z1000, has a ~5VAC boost circuit to prevent the slowdown. Otherwise, there is a great lack of maintenance occurring that first needs to be addressed or all of the aforementioned transformers are undersized.
No bell control without a separate button.
Correct, an external 6-5906 can be added if desired. Modern transformers do usually have this integrated.
Circuit breaker issues. A 1033 transformer has the old thermo type breaker designed to protect the transformer core, not the trains. Opens way to slow for modern trains. You can use TVS diodes and such
Re-emphasis added:
All transformers and all trains should have appropriate over current and over voltage protections from strategic breakers/fuses and TVS diodes.
In other words, proper circuit protection dialed to a layouts needs almost always goes beyond whatever internal protections a power source itself provides.
older trains like the 1033 over the modern electronic types.
It sounds like you are referring to the pure vs modified/chopped sine waves of the delivered AC power. Anything will run very well off of the pure since wave such as a 1033. The modified/chopped such as the CW80, Z1000 - well, there are documented comparability problems.
Again, the 1033 can be a safe and quite adequate supplemental transformer for trains of all kinds, modern or not just as @Csxcellent has asked of it. Would it be my first/top recommendation? Probably not. Would a CW-80 or Z1000 suffice as well? Sure, but again not my first/top recommendation. I would lean into recommending a serviced ZW as at $125-150, it is the best bang for ones buck. Might be overkill now, but can supply more power than a PowerHouse to a Legacy system just fine.