I would argue that would be a good way to go for smaller teams to have the strongest engineers helping with both the coding side and the architecture side.
But thing might get more complicated at larger scale, though. Once architecture scales from a simple class diagram to a larger team with multiple distributed systems, and the attention starts shifting towards which set of technologies to use, which cloud provider, what security measures to take or what standards to advocate.
If the domain is complex enough that teams cannot be split into smaller self-managing units it can get hairy. Who should be responsible for a strategy might find it hard to find the time to regularly write code. Needless to say, in my opinion they should still definitely have a solid programming background.