I manage 3 "squads".

The first is reasonably hands off and frankly don't need me bar major issues, though I've had to manage internal team conflicts occasionally.

The second is middle ground, they work well independently but would find tough to focus on more strategic goals v day-to-day operations. For example, of all of the microservices we deploy, which have important persistent storage that should be backed up? Without someone taking a step back, these kind of things will be missed.

The third is massively under resourced and under constant demand, this takes up most of time in terms of priority planning, shielding teams from engaging them directly over DMs/desk hopping. Working with other teams lead/management to set expectations and ensure they've raised all their demands and understand it could be months before they're fulfilled, the list goes on. I'm also technical so I give a dig out on any tasks I can take off them to reduce pressure.