Manager or not I think the real risk is overly adapting your skills to one company. Managers becoming experts at one companies politics and cannot instead of general organizational dynamics. The devs who seem to only get by in this one team / codebase, and neglect general skills, looming down on outside info as buzzwords.

It seems smart at the time, and makes you more effective in the near term. But it might cause many of your skills to lose portability.