Eh, in my current role (engineer) we have a PM but they’re not all that useful. In theory, they do what you describe, but because they don’t have a technical background they struggle to identify blockers & engineers drive most prioritisation sessions.
They may jump in occasionally to tell us another team needs X or the business wants to see more Y so we should re-think what we work on next, but I struggle to see why that couldn’t be handled by our technical team lead.
See: https://world.hey.com/dhh/as-i-remember-london-e7d38e64