This statement is laughable. In almost 99% of the companies out there 'product development' is simple a placeholder to describe people who look at the results of A/B testing and say which design to go with. You could supplant a child in their position and it would barely make a difference in any value created.

Product development is the place where MBAs go to retire and for all practical purposes add 0 value to anything real. Mostly its UI designers who suggest ideas. Engineers implement them, a data analysis team crunches data and finally presents it in a pie chart. All the so called product manager does is look at which parts occupy a bigger chunk and make a yes or no decision.