I'm at a tech company as an EM. My primary responsibility is making sure my team is delivering high quality software. Sometimes this means my job is documentation, testing, being a PO/PM, or recruiter. I have to know the codebase to communicate and organize things, but I rarely have time to code. My days are spent in meetings and when I'm not in a meeting, I'm writing slack messages to other managers/teams or analyzing problems.

As a manager, you have the freedom to set your own schedule and run your team the way you see fit. I don't know if I'd recommend that when you first start out, but you're judged based on the outcome - generally. Some managers still do 50% coding, which is fine, but I think those pitfalls need to be considered carefully.

Once my teams get to a self-sufficient status, we're able to take on more responsibility and do more "innovation" type projects. That's "success" in my mind, but it takes time to get there. Up until that point, I do whatever I need to.