The way I talk about is is that the value you deliver as a software "engineer" is: taste and good guesses. Anyone can bang out code given enough time. Anyone can read docs on how to implement an algorithm and implement it eventually. The way you deliver value is by having a feel for the service and good instincts about where to look first and how to approach problems. The only way to develop that taste and familiarity is to work on stuff yourself.

Once you can show, without doubt, what you should do software engineers have very little value. The reason they are still essential is that product choices are generally made under very ambiguous conditions. John Carmack said "If you aren't sure which way to do something, do it both ways and see which works better."[1] This might seem like it goes against what I am saying but actually narrowing "everything possible" to two options is huge value! That is a lot of what you provide as an engineer and the only way you are going to hone that sense is by working on your company's' product in production.

[1] https://aeflash.com/2013-01/john-carmack.html