Possibly unpopular, but this is an interesting topic, so I'll post my counterpoint.

The question is: what are you not doing that is in the list of CTO responsibilities because you're coding? One of the reasons stated why you do this is "because you enjoy it", and on the list of reasons you need to do it is there are only a handful of people in the org that can ship new product surface area. That's...concerning. That seems like the kind of thing the CTO would want to fix, but I don't think having the CTO be the one to ship that surface area is highest-leverage use of time. If I'm reading this right, it's essentially that "because of the virtue of my position and autonomy, I can work on experimental projects for months at a time, but I don't empower my teams to do the same."

I have direct experience with this sort of attitude at companies between 200-400 people, and the messaging from top brass was framed as "innovation cannot be democratized". After seeing it in action for several years, I think it's a poor model. CTOs are technical visionaries, but coding is not a high-leverage activity. Good startup CTOs need to change their role multiple times over the course of the life of a company, and failing to understand the profound impact you can have as a leader is a common pitfall, because it doesn't fit with what you enjoy, or often what you have experience with. In the case of Assembled, Crunchbase says between 100-250 employees. If you get more towards 500-1000, I would seriously recommend you re-evaluate your thinking on coding as CTO, at least to the degree you are today.

One technical question: do you find yourself developing the MVP of a particular feature to "get water through the pipes" and then handing that off to some other team to get it to "production ready"? What happens when you don't have time to land the long-term experiment before you need to turn to the next concern? I ask these questions because they are the points where I've seen this system fail, and I'm curious if that has every been an issue for you.