I've been managing teams for 16 years, I think it's actually really beneficial to stay hands on in lead or director roles. After that it's usually not possible given the work load. It improves team alignment, you can evaluate people's work better, understand their issues better and help level them up.
Some of the companies that promoted the hands-off style of management, like Twilio are currently really struggling. Datadog is a great example of a more hands on approach and they are crushing it. If tech is more core to a company, people should stay hands on.