I think it’s the other way.
As an EM you’re closer to the product and the team that builds it. You have direct influence on the success and failure of the product and the team and it’s where most of the fun is. It’s a truly fulfilling role for those who are hands-on and love the wholistic experience.
Managers of manager and above are often in rarified air and have to cast their nets wide and farther to make decisions.