I feel like managers - even good managers - understand that better than most. That isn't to say there isn't variation in humans - choosing the humans right for your team and organization will help advance a lot, but it really helps us to think of organizations as ant colonies. One person can slow it down, but very few can speed it up, and they can only do so much.
It's the network of communication that matters more than the person.
There are exceptions - I can think of a couple CTOs I know that are worth their weight in gold - but they are just that - exceptions.
I will say, the smaller the organization, the more having the right executives is important though, but it seems that only lasts while headcount is sub ~200 people or so and executives maintain an active role with all pillars of the organization relevant to their function (e.g., it isn't weird for an IC to talk to the CTO from time to time about how their job is going)
There is a subtlety. Your manager might be able to do your job, with time, but if they haven't spent time understanding the same data you have or the greater context of what you are doing, then they won't be able to come to the same conclusions you do.
Therefore your manager must trust your judgement because they do not have sufficient data to make the judgements you make yourself. This necessary deference is what prevents commoditization. Judgement is also unequal, being informed by experience and quality, further denying commoditization because all engineering decisions are not equal.
The corollary is also clear. If a manager thinks they know better than you and treats you like a commodity, then you are forced into performing a job in a dogmatic rather than analytical or informed way. You may be asked to do things that don't make sense or are even directly counter to the organizations goals because they don't know things you know.
But a lot of companies aren't - or at least, they don't think they are.
Are they?