Yes, that’s true. The University of Bologna aka. Alma Mater Studiorum is the oldest one in Europe (for sure), but also in the world, if we consider the right definition of “University”.
Its name is known all around Europe, because it prepares high-qualified students in any subjects (from Law, to Engineering, Medicine, Physics, Chemistry and so on). The University is organised in one main hub (the City of Bologna) and three Campus: Forlì-Cesena, Rimini and Ravenna. Most of the degree courses are located in Bologna, but others are only in one of the Campus, such as Aerospace Engineering in Forlì. Advice: if you are a new or an incoming student and you want to apply for UniBo, check the city.
The University of Bologna is one of the best in Italy: it is the number one for CENSIS since 2010. It is very-well organised and students have several libraries and study rooms where silence is guaranteed and plenty of possibilities for Erasmus+ programs, international exchange, extracurricular activities (a Formula SAE team, for example), a Job Placement office (that helps them to write the CV and the cover letter and to find a job after graduation) and many other activities, like happy hours, cultural events and contests.
One main problem is bureaucracy: too many documents, offices, departments and people to talk to when you have to apply for something or do whatever apart from attend your classes. This is a black mark for a so very good University.
Apart from the last point, I fully recommend Alma Mater Studiorum – Bologna as a University where to study at.