Choosing managerial track is far more dangerous than being developer in the context of job secruity. Managerial roles vary from company to company and you can not show what you learned as a manager, since its mostly depends on the team members which you do not have much control. Once you leave the organization or if the company goes down, managers go down with it and very hard to find jobs because most people who don't like coding are competing for the manager jobs. There are lots of people in that category.
On the other hand Managers are paid much more than developers i hear, but i doubt its not more than 1.5x of a senior developer salary. In my opinion is not worth the risk. If you are a developer you can constantly learn and stay relevant.
I might be totally wrong, willing to hear the other perspective. If you feel i am being not polite to managers please understand i am not good with managing people and hence probably i downplay managers role to feel superior. Its possible this is the case.