Disagree. Software development requires a lot of expert knowledge that executives won't and can't possess. If you're not employing that expert knowledge to benefit the company you're a part of, why are you even in the field?

Personally, I find a lot of appeal in having the expertise and influence to be more than a small cog, even when working as a generic staff engineer at the leaf level of my organization. I don't think there are many professions where that is possible, or at least nowhere where that degree of influence is near as feasible (apocryphal stories about janitors coming up with the next breakthrough product notwithstanding).