From what I've seen, across the industry, the folks who are burnt out are almost entirely individual contributors. You rarely see burnout in management, and it's typically in the form of folks who want to go back to being ICs/tried management and hated it. I think companies really need to work on reducing or eliminating the amount of bullshit ICs have to deal with vs management (time tracking, status updates, on call…
Every company has an invisible line, like the officer/enlisted distinction in militaries, but always undocumented for obvious reasons. Above it are the real humans whom the company cares about; below it are the "resources". ICs are always below the line, except in R&D jobs that aren't available without a top-10 PhD... but most managers are also below the line.
Above the line, you basically write your own performance review because the bosses are your buddies. Below the line, it's miserable, and as you said you're one delay or mistake away from being sent to the Performance Improvement Camps. Almost all first-level managers in a company of significant size (25+ people) are below the line and spend just as much time on humiliating work justification (e.g., status reports) as the guys at the bottom.