There is a separate aspect of having domain expertise in that it open paths for a software engineer to make a lateral switch to a Business Analyst role. That in turn opens paths to management track on the business side as one gains deeper knowledge. If you have business expertise AND direct SDLC experience, that is a different kind of value you bring to the table.

Obviously it is a very different kind of track, take a long time to develop and means you are no longer programming but then with LLMs, hand rolled programming has been massively reduced anyway.