I agree with all the cautionary advice already offered.
Here's my Yes, And...
> ...a move back and down from senior strategy and product work back to engineering IC work
The single best political advice I've ever gotten:
"Make them ask you three times."
(aka Play hard to get, Make them think it's their idea.)
Assuming you intend to stay with the same employer...
If there's an IC role that you desire, do all the things to reposition yourself for that role. So that it's obvious to everyone you're the best person.
When your Boss (or higher) says, "Hey @throw_booored, what do you think of this exciting opportunity building the next generation Acme Wonder Widget?"
"Hmmm, gee Boss, that sure does look cool. I'd love to work on that! Alas, I really love my job. I'm doing important work, with great people, having an impact. And we're so busy hitting some important deadlines. I couldn't possibly abandon them at a time like this. I'm sure you'll find someone..."
Back and forth. Never dismiss the offer. Just demure. Always sound enthusiastic about the idea, grateful for the consideration, and oh so regretful you couldn't possibly take that role at this time.
Around the third time, you say something like "Wow. You've really planted a seed. I can't stop thinking about this. I'd like to say yes. What would a transition look like? Compensation? Responsibilities?" Etc, etc.