Google lets people stay at L4 forever and Meta does at L5 with no expectation of further growth.
Yes the expectations are probably still higher, but these companies don’t expect everyone to grow past “mostly self-sufficient engineer” as the parent comment suggests, and for people that do want to do that there’s a full non-management path to director-equivalent IC levels. My impression is that small companies are more likely to treat management as a promotion rather than as a lateral move to a different track (whenever I hear “promoted to manager” I kinda shudder)
Depends on the team — managing can be quite a bit more scope than being a senior IC, depending on expectations for that role. You have broader ownership of technical outcomes over time, even aside from the extra responsibility for growing a team. Managers have all the responsibility of a senior engineer plus more. In that way manager feels to me like a clear promotion to me. Manager vs staff eng, maybe not though.