The only time I'm OK with being in a manager role is in my own company. Working for someone else, you couldn't pay me enough to do that job. That's because I'm a dev to the core, that's where my interest and skills are. Being a manager is a different beast entirely and, while I can do it, I find it very unpleasant.
I think what I struggled with most in my time managing a small team was feeling that I lacked agency.
Particularly with "soft" objectives like improving morale, building team cohesiveness, helping people set/advance career goals, etc, I just didn't feel like I had a ton in terms of levers to pull and resources to draw on. And I lacked the experience and training to know how I could either advocate for those resources, or achieve the objectives in ways that wouldn't have a lot of cost and disruption attached. The leadership course I took was focused on personality type assessments, and conflict resolution as a very abstract kind of exercise ("try to see and validate all sides, practice non-violent communication") rather than a concrete, like, here's how to navigate when your direct report says they're quitting if they doesn't get a 20% raise, and upper management says lol no way.
Anyway, the pay scale at my org has equivalent IC roles at each manager grade, and in the end I've found I can have more of the type of influence and leadership that I desire by exerting soft power over the decision making processes in the areas that I most care about— which are mostly related to technical direction and strategy.
The only time I'm OK with being in a manager role is in my own company. Working for someone else, you couldn't pay me enough to do that job. That's because I'm a dev to the core, that's where my interest and skills are. Being a manager is a different beast entirely and, while I can do it, I find it very unpleasant.