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A lot of times depends on the team setup and the expertise level of the team itself. I dont see a reason to say that it should differ that much from your usual stream aligned teams - PM is for identifying the problems that need to be solved and the team is for the How. Or PM is to show the direction, and EM is to make sure the ship gets there. The details there would be team specific, as long as you dont go against "organic" rules, a'la create something that works on paper but in real life wont be followed because it does not make sense. Havent seen a version where PM would act as Tech Lead and this actually being a good idea.

I’ve been in roles where I was both the Product Owner and the Engineering Manager and also in roles where I was just the Engineering Manager and worked with another Product Owner. For me the biggest practical difference was who I spent most of my day working with. When I am acting just as an Engineering Manager I spent most of my day working with my Engineers to solve problems and prioritizing work, including intercepting interrupts. I met with our PO daily to manage our book of work and gave feedback on technical solutions but mostly trusted the PO to handle the interface with the stakeholders. When I served both roles I relied more heavily on my team lead(s) to work together to handle interrupts and deliver recommendations I could incorporate into my conversations with outside stakeholders whom I spent most of my day working directly with. For me the benefit of acting as the Product Owner was being able to present a more clear vision on the future of our Platform and didn’t have to rely on someone else to communicate nuance. A lot less, “I’ll get back to you on that.” I think this really did depend heavily on having a very senior team with really quality tech leads (and I had an architect on the team as well).

Thank you for your responses.