I'm essentially in a TLM position currently. We're a small company, with a small codebase. I oversee three junior to mid-level developers, and I represent the team in our product/roadmap planning process. I also write a lot of code, review a lot of code, and make a lot of architectural decisions. At our current scale, and with our current resources, I think it works pretty well. Moving fast is one of our biggest priorities, and having a TLM definitely reduces overhead versus a more traditional separation of responsibilities.

I really never intended to have a management position, but this has been an incredible opportunity to experience a portion of it without fully committing. Other replies have described this as a transitional role, and I don't think they're wrong. In the long term, especially if the company grows, I can probably be more valuable by committing to one path or the other. However, for the right person and situation, I could see us minting a TLM again, regardless of size.