It can be better, but it also can be just as chaotic sometimes. On balance overall, FAANGs are probably better at managing this "IC utilization" rate if you wanna call it that, vs just randomly expecting you to pick up and wear all the hats all the time or that hats are chaotically assigned, with no plan behind it. Certainly FAANGs aren't perfect, but at least it's easier to find "reference implementations" because there certainly are some very high-performing and well-managed teams, and if you're not on one yourself, then you can at least have the benefit of being able to see-and-compare, which then provides a potential for betterment and learning from others (which might be harder in non-FAANGs).
Right, I like the term "IC Utilization Rate".
I think for me its the chaos of the hat wearing. I went about 6 months doing pure project management with 0 leadership or development work.
I periodically go long enough with 0 hands-on dev that stuff in the SDLC has changed again. So I have to go poke around and figure out why my commit message formatting is rejected, which teamcity instance we are using now, and what QA box I should be testing on.
Also the unmentioned part for me is that while 10-20% of my time is Dev at best, 50% of it is high urgency fires I am brought in to extinguish because I have the most knowledge of that part of the code base and can ship whatever improvement in 1-2 sprints without needing to spend 2 sprints on analysis first.
