I can't imagine how that would work at my current company. It's an IoT startup, and the hardware, firmware, software, and operations timelines all have to be coordinated to deliver on a tight release timeline. I can't imagine developers also having to take on the requirement and dependency management on top of building the actual product.

I've also worked at places where the P*M level seemed to mostly get in the way and just serve as a middle-man and information degradation layer between design and engineering.