My journey has been quite similar (just a few more years of "unhappy John") and this approach is now very close to what I practice. I do have a few reports and run the R&D leadership team, I delegate as much as I can to my directors. (Besides being hands on where the organization needs it, I still regard the other part of my job to keep our org accountable, engineers inspired, and keeping the big picture in.)

For people who doubt this, I recommend "How to Build a Car" by Adrian Newey (CTO of Redbull Racing).

But to be clear - if you do coding as CTO only because "only you can run certain projects," part of your job should be to fix that first. You will still have the easiest time doing it, but you should always have (many) others in position to run innovation projects, work with customers etc.