[bpicolo]

This is a product/project management responsibility, and in some organizations or teams some or all of this can fall on the engineering manager side. Doing a lot of both at the same time is typically a crummy gig, as you don't have time to do both successfully for a right-sized team (you'll be either a bad manager, a bad product manager, or mediocre at both), Uou'll either be overworked or feel bad at your gig all the time.

Helping the team proactively scope and prioritize technical debt work, as opposed to product work, is almost always a critical function of managers.