The engineer side of my brain says that yes, of course it's possible. You could run a very tight engineering ship with just the right level of autonomy between a number of exactly-right-sized teams. You would employ some percentage of your engineers to ensure that the other engineers were maximally productive. Etc. This stuff is all extremely possible in a vacuum.

The pragmatic side of my brain says that, while technically possible, any organization that has grown to include a medium-to-large engineering team has almost surely done so in ways that preclude the sort of "ideal" engineering environment mentioned above.

The typical failure mode here is, of course, a company that manages to defy the odds and experiences success, but takes on a large amount of technical debt during their early days of manic growth and then spends the next N years dealing with it.