I have been working at a large bank for a few years. Although some coding is needed, the bulk majority of time is spent on server config changes, releasing code to production, asking other people for approvals, auth roles, and of course tons of meetings with the end user to find out what they need.
I guess when I was a junior engineer, I would spend more time looking at code, though I used to work for small companies. So it is hard for me to judge if the extra time spent coding, was because of me being a junior or because it was a small company.
The kicker, is when we interview devs, most of the interview is just about coding. Very little of it is about the stuff I listed…
The crucial point to me, which I could not read out of your first post, nor will I implicitly assume it as a given, is that there still is a feedback loop from product development to the staff/principal level.
I’ve been burned by a code base that was created by a principal engineer, who tossed it over for maintenance and moved on to greener pastures (still in the company though). It is more to blame on the organization, than on the engineer, but still such an experience leaves a slightly bitter taste.