Somewhat. Having been there and back, it's not so clear cut. There are really two jobs here that need to be done:
Team manager a.k.a. office mom. Someone who is a lot like the band manager. He doesn't know C from HTML but knows that developers needs snacks, juice boxes, headphones, fast computers, and 4k monitors. He takes care of the "crap political work" and keeps developers busy with what they do best.
Project/product manager. This is someone who may or may not be the technical lead, but definitely needs to understand how software is put together, who on their team will be doing it, how long it will take, etc. The job of this person is to translate business requirements ("We need feature X shipped by March, and bug Y fixed immediately.") into technical tasks, timelines, and assignments. It's also possible that this is the person responsible for figuring out which features the product should have (no developers shouldn't always be the ones deciding this). This job is hard. You are responsible for setting realistic goals and not letting anything drop, but you are also responsible for moving the project fast, and not getting stuck.
The first job is more tactical. We know that developers constantly distracted by noise or going to be unproductive, etc. The second job is strategic. It requires a crystal ball to predict which bugs will come up and where the difficult bits of implementation will be. This isn't booking buses and switching out blown amps. Managers that can do this job alone, or even both at the same time are worth their weight in platinum.