I've worked for people that believe this, and others that don't. Nothing builds morale and loyalty like rolling up your sleeves and doing the hard stuff with your employees.
I once had a project manager who couldn't write a lick of code, but whenever a deadline approached or something blew up, he'd be right there at 10pm with everyone else bringing in fresh pizza, testing whatever he could, and giving pep talks. Contrast this with someone that says, "get this done by tomorrow, OK?" and then walks out the door. Who do you think is going to have a higher performing team in the long run?