A CTO at even a small software company that is writing code is doing their job wrong if they aren't quickly evolving into a role where they don't even touch code.
I've been in multiple management roles at multiple places and, with one exception, the role is much more about managing expectations of leadership and playing political games to make sure your team survives. ICs have some dream that management is about being a technical leader and guiding IC work, but, in practice, this is a very tiny part of the role. The only exception to this I've seen is managers that are grown internally. But if you're coming from outside to lead a team, it's going to be upper management that hires you and upper management that you end up doing most of your work for.
I've known a surprisingly large number of ex-finance people that got "Jira jobs" and they quite enjoy it. Most people leaving finance have very large savings stored so they have a fair bit of extra comfort in knowing that if the job ever starts to really suck, they can just walk out the door. On top of that mindlessly solving problems and getting to check out with only 3-5 hours of work is exactly what many of them want.