My dev friends over the last 10+ years have included people who made a management/dev track career decision and anecdotally speaking, those who chose management have earned more and seemed to have more employment stability. In a couple of cases, I have friends in my personal network earning 3X a senior dev salary managing dev teams.
Personally, I decided to stick with the dev track and have been somewhat dismayed to find (after 10+years with one employer) that I am often pulled into decision/management-type situations but am consistently evaluated as a lower-level employee because "coder." It's even more annoying when I chat with my peer group who made the mgmt track choice and I find that the overlap between what I do and they do is actually very large.