As a dev that has been promoted to manage (not just lead, manage) a reasonably sized team, but is still expected to code regularly, what you're describing sounds like paradise. From both the management, and dev perspective.
If you have a reasonable sized team that you're expected to manage, you should not code at all, let alone regularly. You will fail at one always, but more often both. My rule - if you have 5 direct reports (any role) you can code light stuff, sometimes. If you have 8 (a full team) you should not code - you will drop stuff over time and morale will sink a lot.
Funny, had an interview at a boutique consulting firm as a manager, told me something like : no no! You are not expected to bill like 90 or 100 percent. Aaaannndd I'm out. Those shops work like : bill 80 or still 90 percent while working with the team 100 percent. No thanks.