As Open Eyes mentions about the scheduling with waitressing and being new, when you do apply definitely find out about the hours. Yes, you can work 40 in the summer but with your school schedule, will they be able to accommodate that. I know some places when I waitressed were not as willing to work around school so definitely be upfront about your schedule and needs.
With new positions, even where you are, sometimes it takes longer than a few weeks to settle in, but it is GREAT that you are recognizing the things that are working for you and the things that are not! Not everyone can recognize this so readily and am impressed, good for you for being so aware!! You asked about the pros and cons; how about sitting down and making a list as you see it, one list for the current position and one list for another position to help you in your decision and as time goes by, you can revise it.
Something that jumped out at me is that you mentioned it is a lot working and going to school. I commend you for doing it and know the challenge it can pose. I know it is important too to recognize when hours are too much or when we can add more; keep this in mind too. But also having an employer who is willing to work with you and your schedule can go along way as well. I don't know what your motivations are for needing to work but if it starts to affect your school work, something to consider; it may not just be the work itself, it could be a distraction that is too much. Play it by ear and go with the environment that is most conducive for you.
It's important to find work that you can balance with your studies or life for that matter. I hope if this position does not work out, the next one will. All the best in finding what is right for you and good luck in the days ahead. Hang in there and good going!!