The reality is, there are very few EM and above jobs, and job security is tough - if I have to choose between firing an EM or a SWE, I'd fire the EM first because I can always find another replacement or split their responsibilities across multiple individual contributors and the PM.
If an EM is laid off or fired, it's extremely difficult to find another role, and it truly is a terminal position. Why would I hire a laid off or fired EM or Director when I can promote internally or hire someone from within my network?
Additionally, back when I was an SE, if we had a deal go bad in order to protect our ass we'd blame the EM so that we can have a head on the platter to hand our CRO, unlike a seasoned SWE who can push back and argue PM requirements were unclear and PM can argue that sales+product was aligned.