I think of it more as a partnership.
If I’m in charge of getting groceries and you’re in charge of budgets, we need to have an informed discussion on what exactly is our budget and what food we need so we don’t starve. Sure I could blow the whole budget on steak and I might even love eating nothing but steak for 3 days, but eventually some carbs would be nice. Likewise neither of us will be happy if I go max stingy and buy nothing but bags of rice for the week.
The reason I think PMs should make the final call is not that engineers are subordinate, it’s that PMs are accountable. (RACI – responsible, accountable, consulted, informed). The person whose ass is on the line makes the call.
Usually when I ask engineers if they want to be accountable for making the call (and its outcome), things get real quiet real fast :)