I’ve been on both sides of this. Engineers who complain loudest about the waste of time from too many meetings will also complain the loudest about how they feel disconnected from the decisions and from the product IME.
It's quite rare to find companies that do this for the same reason it's quite rare to find companies willing to "do agile correctly" and really scope out work before sprints and not put additional work in the middle of a sprint. It takes too much effort and gives up too much flexibility for most managers to make the investment and see if it pays off.