At Shopify, we tend to do whatever our engineers want in this regard. My team meets weekly and looks at a kanban project board. If we need to adjust, we have retros, etc and change the process. We have the autonomy. In a past life you would be told Agile meant “self organizing teams”. But in practice that was only allowed in a narrow definition of change under the prescribed process being foisted on teams from above.…
My conjecture (please confirm or deny) is that these self-organizing teams are a result of and not a cause of big successful companies. You are probably iterating on a very well-understood and successful business model with a huge cushion for mistakes because you have some much revenue.
By contrast, I have mostly worked in consulting and non-tech orgs. If we don't show that we're spending their budget on high value features, we get layoffs. Hence we not only need very thorough clarity on what feature development will yield the greatest returns, but also deniability that we had good reason for doing what we were doing if it turns south.