That's my experience. I've actually been around systems that use Cobol amongst other things for 20 years (only did tiniest bit myself) but the developers tend to be experts in business as well - like, this set of Cobol programs are for payroll, and the developers understand payroll processing. They can discuss legislative nuances and taxation and benefits and deductions with functional analysts.

Basically, all Cobol I've ever seen is firmly performing a business / functional task. I guess it's in the name :-)