This is not my experience. Companies with strong engineering organizations that are parallel with and equal to the product/business org structure would not have a product management bias. I would only work at a company where engineers are managed by other Engineers who are partners with the product and other business teams, not reporting to them. (I'm a Software Engineer).

I also think that engineers would be paid much better than product managers in such an organization, given the higher demand for engineering skills (there should be more engineers than product managers on any given team) and a smaller pool of potential hires.