The best managers I've had have sighed wistfully and wished out loud that they could do engineering, but made a conscious decision not to. The really good managers will be very interested in how you are getting along with your career, and it will often not come as a surprise to them when it comes time for you to leave ("time to go, grasshopper").
The bad managers were bad for numerous reasons, but many of the worst were micro-managing, getting in the way, having technical arguments, dishing out unreasoned mandates to solve things one way or another, or generally trying to be Boss Engineers without actually being part of the team. Sucked hard. The times I've switched jobs underneath these bozos, I've called it "Firing my boss."