Perhaps. I've heard that Reddit engineers still push features to production without PMs in the loop.
Having said that, both Google and Amazon has excellent PMs and there are teams that require PMs to be in the loop for a feature launch but it is not universal.
Knowing what’s valuable and what’s not is a function of being an employee. Designers and engineers should know where value exists.
If they need a PM to shift them away from valueless work, then I highly question their efficacy as an engineer. I also highly question that organization’s management structure and communication.