Absolutely... but the best PMs I know absolutely hate meetings, and are constantly trying to clear them off of their plates. I've actually had PMs on my team specifically petition to remove meetings and replace them with emails, Slack checkins, or (my favorite) nothing.
It's all about aligning incentives. You need to reward PMs for getting stuff done, rather than looking busy.
It's all about aligning incentives. You need to reward PMs for getting stuff done, rather than looking busy.