I'm a VPE at group level for a sizable conglomerate. From what I experience myself or through observation, I can say that "codeless CTO" is fine BUT if you can't code, you better don't be a jerk.

Good at coding = respect. Good attitude = respect. Not coding + jerk = no respect from team.

Also, it depends on the team. If you don't know about code, and your team is not mature enough, you're at disadvantage. You can't tell if a feature really takes 2 weeks to develop. You can't tell if the team are optimizing for local maxima at the expense of long term. You can't tell if the product is a pile of hacks on top of hacks.

I agree you don't need to be the best coder in the room, but you should be aware of critical technical decisions.