In kernel terms, meetings and PMs are the scheduler, and you are the threads/processes being scheduled.
Is the scheduler doing work? Yes. Is that work simply overhead required to keep the pipeline full and fair scheduling of work occuring? Yes.
> Let's try this: meetings are stopping implementing to communicate or from another perspective coding is postponing meetings until new issues/questions have been solved
Or to put this another way, meetings are a page fault interrupt that is taken because the necessary backing store (the solution to issues/questions) is not available.
They're almost pure cost. Spending any more time there than you absolutely need to is a waste.