With a reasonable amount of funds at our disposal, how I use my time is very important. I would like to be more effective with my time and output.
Being interested in multiple different things, I get into the low-level details of any problem that I look into. While it is educationally satisfying for me, my company does not benefit from me working on smoothly scaling fonts for a responsive marketing website.
Should I involve myself in low value tasks like website edits (that may only take up < 5hrs a month for experienced developers) or focus only on high value projects?
Should I work at a higher level, overseeing other engineers or get into the development (our core product is a mobile app) myself?
I built the initial versions of our app, website, backend before we raised funding and hiring developers. Due to my broad interest and explorations, I am above average in multiple technologies but not an expert in any of them. Hence, my worry of slowing down the team by being involved in development myself.
I think it depends on how many developers are there. I tell all coachees they should invest 50% of their time in developing their team. If you grow, don't hire team managers too late (or whatever you want to call them), or you'll get into burn out territory and you'll neglect developing people. Don't manage more than 5 people. As a CTO you should be the bridge between business and tech. Explain business to developers (marketing isn't stupid), explain tech to the CEO/CMO, support the CEO strategy with your specific tech knowledge. Spend time on explaining things and aligning people. You're the tech spokesperson and developer representative on the board.
If learned, although often being the best developer overall, with only a small percentage of development time I know much less about the architecture, domains and edge cases of an application compared to other developers. So I did drop developing in the end (but do it in my spare time to keep up with the state of the art).
Otherwise focus on the things that are fun to you, you're in for the long run which doesn't work if you don't enjoy the things you do.