literally one verse prior
Lev 23:43
NIV
43 "Do not rule over them ruthlessly, but fear your God."
other translations say "you must not treat him cruelly" or "you shall not exploit him"
also the end of verse 46 that you quoted said the same
the very next verses
Lev 23:47-52
NIV
47 “ ‘If a foreigner residing among you becomes rich and any of your fellow Israelites become poor and sell themselves to the foreigner or to a member of the foreigner’s clan, 48 they retain the right of redemption after they have sold themselves. One of their relatives may redeem them: 49 An uncle or a cousin or any blood relative in their clan may redeem them. Or if they prosper, they may redeem themselves. 50 They and their buyer are to count the time from the year they sold themselves up to the Year of Jubilee. The price for their release is to be based on the rate paid to a hired worker for that number of years. 51 If many years remain, they must pay for their redemption a larger share of the price paid for them. 52 If only a few years remain until the Year of Jubilee, they are to compute that and pay for their redemption accordingly. 53 They are to be treated as workers hired from year to year; you must see to it that those to whom they owe service do not rule over them ruthlessly.
slaves could redeem themselves if they or someone else were able to repay their debt
Lev 23:36, 37
NIV
36 Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. 37 You must not lend them money at interest or sell them food at a profit.
no exploiting them
Ex 21:20, 26, 27
NIV
20 “Anyone who beats their male or female slave with a rod must be punished if the slave dies as a direct result
26 “An owner who hits a male or female slave in the eye and destroys it must let the slave go free to compensate for the eye. 27 And an owner who knocks out the tooth of a male or female slave must let the slave go free to compensate for the tooth.
mistreating slaves was not acceptable and could result in immediate release
killing slaves was punishable by death
Ex 21:16
NIV
16 “Anyone who kidnaps someone is to be put to death, whether the victim has been sold or is still in the kidnapper’s possession.
taking and forcing someone into slavery for no reason at all was unacceptable and punishable by death
Ex 21:2
NIV
2 “If you buy a Hebrew servant, he is to serve you for six years. But in the seventh year, he shall go free, without paying anything.
slaves were to serve a maximum of 6 years then be set free
Lev 25:40, 41
NIV
40 They are to be treated as hired workers or temporary residents among you; they are to work for you until the Year of Jubilee. 41 Then they and their children are to be released, and they will go back to their own clans and to the property of their ancestors.
slaves were to be released on jubilee year, regardless of how long they served or how much they still owed
Deut 15:13-15
NIV
13 And when you release them, do not send them away empty-handed. 14 Supply them liberally from your flock, your threshing floor and your winepress. Give to them as the LORD your God has blessed you. 15 Remember that you were slaves in Egypt and the LORD your God redeemed you. That is why I give you this command today.
upon release slaves were not to be sent out with nothing, they were to be treated generously and provided supplies, especially in consideration for the years of slavery that israel endured in egypt
so yes you are correct that such slavery was not oppressive in the least. it was a way to repay debt, or in some cases, simply a way to find work if you were extremely poor and didnt have the means to provide on your own, as people could voluntarily become slaves.