The role is not as useful in tech companies where developers are working permanently. It's actually hurting collaboration across teams if you start budgeting projects and people tightly.
The Devs who are permanent employees and maintain a set codebase/application/etc do not fall into that. They know what to do, they have a defined Change Management/SDLC abd they are challenged into finding the technical solutio. The project management includes tracking the requirements, sequencing events, getting resources/contractors, etc.. A dev should be spending '8h' per day coding, not figuring out budgets and interviewing contractors. Of course different companies have different approaches, but ballpark and from experience I think my above writings are pretty valid.
I'm glad I can delegate them the reasoning about which task is more urgent, and them acting as buffer to clients frees me from a lot of time trying to understand what they want, how they want it and all the back and forth about how much they want to pay for it.
good project managers, that aren't just bossing internal people around but working with the team at different part of the projects like communication and operations, are rare, but are a joy to work with.