That sounds like my job. I'm 50% dev, 50% PM, and 20% people manager. There are weeks when I don't code at all, just respond to bugs with various forms of "by design", "won't fix", or comments on how to fix it and ship it off to some junior engineer. I try to fix one or two real bugs myself, but my days are so full of talking to PMs, managers, etc that I just don't have time.
I don't hate the role. There are times when the lack of coding annoys me, but there's other times when I actually enjoy my additional responsibilities (seeing a junior dev I mentored coming into his own) and the force multiplier it can bring (just being able to write down how to fix a problem I know off the bat and not having to go through all the trivial work of implementing the solution). But I don't have much of the management overhead other than dealing with my team- I don't do budgets, planning meetings, etc. And I'm not sure I would want them, so I've been hesitant to move up in the management side.