I think this is a valid approach, but success is contingent on working with product-minded engineers [0]. I consider myself to be one, so I'm a fan of this approach. There are also many engineers who aren't product-minded, and they might prefer working in a culture where their job is to focus on execution.
Agreed. In that situation (following tfa's language) the product owner must either be an architect or be besties with one. A hoard of relatively unskilled laborers is not going to produce a cogent product otherwise. Then, what are you left with? The architect is leading the charge.
It's also good to take a step back and recall that all of these prescriptive, brand-name models for making software are, in fact, products in and of themselves. Their purported aim is to improve software, but what they really do is sell books, conference tickets, and consulting services.
[0] https://blog.pragmaticengineer.com/the-product-minded-engine...