Nailed it.
My team's product owner is as much part of the team as any of the engineers. Her role includes balancing the need to deliver products with the need to build reliable and scalable software, and to make those arguments to other parts of the company on the team's behalf. Since we're all skilled professionals, we're able to trust each other to make good decisions, and if I say "we cannot proceed until we have done <necessary technical work>" then that is taken seriously and work is prioritised as required.
I'm baffled by the awful environments that people apparently work in where this is not the case.