When I was younger I used to assume that CTO was like the ultimate experienced engineer, and most every CTO I've dealt with in 25 years has been a needle scratch for that assumption.
There are competent CTOs who are not above getting their hands dirty, and there are career politician type CTOs who have no discernible skills beyond projecting an illusion of technical brilliance.
I've seen plenty of both, and I'm sure everything in between exists too.
A CTO once asked me: Why do we have a test and staging environment? Could we propose removing them as cost savings initiative? During a time when cost savings where the number 1 priority.
I've known one semi-decent one in a circa 100 people business. Used to be the head of engineering. But he was fully transactional, sell stuff mode most of the time as CTO. CEO actually said one time that he wondered if he'd "ruined" the guy a little by making him CTO.
He tried to bail me out of some very deep trouble i got myself in. Didn't end up working out, but he was good folk for sticking his neck out for someone on the engineering team when customers were screaming at him over the phone because of my screw up.
Rest of the time, they've been a networking contact of the CEO who has "some tech stuff" on their resume. Last one screwed me over and fucked three years worth of work in one fell swoop (and he admitted he did this for his own gains over slack when challenged on one of my last days at that job). still not over that one.
I've seen plenty of both, and I'm sure everything in between exists too.