I'm a CTO at a 30-ish person company and yep this is my job. Lots of development, but also handling all the infrastructure and ops for a long time (I'm able to offload more to other devs these days).

I still primarily code but also do lots of long term tech strategy like cloud? and which, as well as business planning with the rest of our leadership level, hiring, training new devs, keeping all the devs up to date with new stuff, breaking down and delegating work, reviewing code, monitoring & alerting and understanding a system that's practically a living organism and being able to anticipate trouble spots rising, planning and executing what are sometimes multi-year efforts (e.g., significantly refactoring major parts of a 10+ year old code base).

Personally, I like it, though it has its difficulties. It also makes me an exceptionally valuable person for this size of company - big enough to really need breadth and depth of experience, but not in a position to have several tech people with a decade or two of experience. Find the right company (I was lucky to) and it's a golden ticket.