This is the organization of the company I work at. Overall I've learned through experience that this decoupled structure is nice in theory and it's useful to have as an option, but it should actually be avoided in practice if at all possible. A developer can end up in a situation where their boss (people manager) really doesn't know about or understand their day-to-day work at all, and then their team lead may be vying for authority over the team with a project manager and product owner, all of whom report in different organizations and have different motivations and incentives.