As an engineering manager, I would absolutely love to hear this from a report. It provides immediate clarity to me on how to provide great projects and work options for you.
However, there are a few points in your post that may be conflating topics.
First, 'maintaining the current codebase' and providing work that is valuable to the team/org are not the same thing. Some engineers will endlessly poke around the internals of a code base, refactoring, tuning, renaming for clarity, but never provide anything of real value. This is a pitfall.
Second, I would separate 'career growth' from promotion. Companies orient promotion ladders around particular dimensions that you may or may not care about, but that doesn't mean you can't be growing. Consider if there are ways you want to grow that are outside of what your company is asking for as a promotable step. I don't mind if engineers don't want to be promoted but I'm concerned if they have no desire to grow.
Finally, your post makes it sound like you believe an engineer's lack of ambition led to their being laid off, however this may conflate ambition for output. Are you sure a lack of ambition was the reason or were they not producing anything of value (as in point 1 above)?
For bonus courage points, consider having a candid discussion with your manager about each of these topics. I would wager that you will be much better aligned afterwards.
However, there are a few points in your post that may be conflating topics.
First, 'maintaining the current codebase' and providing work that is valuable to the team/org are not the same thing. Some engineers will endlessly poke around the internals of a code base, refactoring, tuning, renaming for clarity, but never provide anything of real value. This is a pitfall.
Second, I would separate 'career growth' from promotion. Companies orient promotion ladders around particular dimensions that you may or may not care about, but that doesn't mean you can't be growing. Consider if there are ways you want to grow that are outside of what your company is asking for as a promotable step. I don't mind if engineers don't want to be promoted but I'm concerned if they have no desire to grow.
Finally, your post makes it sound like you believe an engineer's lack of ambition led to their being laid off, however this may conflate ambition for output. Are you sure a lack of ambition was the reason or were they not producing anything of value (as in point 1 above)?
For bonus courage points, consider having a candid discussion with your manager about each of these topics. I would wager that you will be much better aligned afterwards.