Is PancakeSwap Decentralised?

Could you please clarify for me if PancakeSwap is truly decentralized, and if so, what elements contribute to its decentralized nature? I'm particularly interested in understanding how its architecture and governance mechanisms differ from those of more centralized exchanges, and how this affects user autonomy and trust in the platform. Additionally, I'd appreciate any insights you may have on the potential benefits and drawbacks of using a decentralized exchange like PancakeSwap compared to traditional centralized ones.