You have to differentiate between managing people, and telling people what's the best thing to do. I've been a manager, and changed to a consultant/architect role many years ago. Management has a lot of unpleasantness associated with it - timesheet checking, disciplinary/HR issues, personality clash resolution, politics, endless meetings about productivity, brainless KPI nonsense etc, etc. Lots and lots of squishy people stuff.
The architects role has much much less of this kind of stuff, but you still have the responsibility of telling people the best way forward. It's just not your fault if they don't listen :-).
I do miss the power of being a manager, but I don't miss all the hassle. The only advantage of being a manager is the slight possibility that you might actually avoid all the back-stabbing and politicking from your fellow middle managers, climb the greasy pole and end up as CEO/CTO. But that's a long pole, with lots of chances to fall off, and you don't even have to make a mistake to fall, either - you can get pushed.
I don't regret my decision.
Frankly, in my opinion (and it is just an opinion, worth no more than yours), if someone really wants to be a manager they should start their own business.