I have been an individual contributor at large corporations for more than 10 years. Every time I have had a colleague promoted to manager, they always planned to stay technical and keep coding. Every one of them, without fail, stopped coding because they were too busy.
Thinking back to my managers who left for other roles, only one quit to work in higher management, the rest all went back to working as developers.
I worked at giant, globally distributed companies (15-25k employees), so I imagine that my experience is not typical.
It is better to find a developer that has experience with the language features you use rather than one that is experienced in the exact language you use. For example, I work on distributed systems in Java/GoLang/Python. We want candidates that understand how to write concurrent logic and stay away from people who are just Java web developers.
The big issue is doing a coding interview with candidates. We have a standard straightforward problem that candidates need to solve by filling in a stubbed out method. We have it in Java and have ported it to GoLang. If we have to interview a candidate who does not know either of those languages, we would need to find a language that the candidate knows and we know well enough to port the problem to. We would also have some difficulty digging in to design specifics like choice of concurrency primitives.