It depends on who's talking.

Product Managers? I've seen them brushing off concerns so that it doesn't even reach to senior leadership. I've once had an entire team coming to a CTO for a very serious meeting (TM), and the surprise was the CTO assuming the team was overloaded, while the team claiming there were not tasks. The PM basically lied to save her butt.

Engineering Managers? Those tend to be more transparent, as long as they are actually technical.