Having been on both sides of this (as a developer and later a senior manager with product/feature responsibility), I'd say it can be both. A really good manager/executive has enough knowledge and experience to ask the right questions and parse the answers even when they are technical. Sadly, many managers aren't that good (at least yet).

On the other side, a really good developer has the knowledge and experience to frame the problem in an understandable business context when communicating the issue and options to management. Some of the best work experiences I've ever had were in orgs with such experienced developers and managers. Working together we were often able to solve apparently intractable problems with creative options which would never have been conceived absent the clarity of thought and communication on both sides.