Have you had a conversation with your manager about this? If so, how did it go?
Basically the engineers will have multiple bosses. The engineering manager for technical direction and the project managers for task priorities and day to day management.
I think there is still a role for me to play as a senior engineer to mentor and assist the other engineers on their projects but it's harder for me to do this when I'm out of the loop.
That's a huge red flag. Unless you have hope of that getting fixed, I'd start looking around.