Gee - what if a PM could do both? Spend time with engineers AND users (+ stakeholders).
I don't put as much stock in what users say they want, but when I get to listen to their pain points - that time is worth it's weight in gold.
To be fair to (almost) everyone here - including the OP - PM roles vary so greatly from company to company, it's tough to make blanket statements about how someone should spend their time.