I think the solution is to hire both, because there is also the Peter principle: "promoted to incompetence".
The professional managers should be in a deputy position to the promoted ICs. This way they can bring their skills and expertise in management and empower the promoted ICs who understand the business or problems deeply.
The professional managers can be pretty useful if they don't have people reporting to them and help with processes, compliance, planning, making presentations and excel tables and yet the capacity for damage will be limited as the promoted ICs will need approve anything.
DEC apparently had "administration" instead of management, implying it didn't rule but rather assist, but I don't know the exact details.
The person responsible for paperwork is called an accountant, a secretary or officer, not a manager.
A person handling presentations is usually a salesperson.
The person with deep knowledge about how a particular business runs and steps required to do so is called a business analyst.
Many so-called professional managers are actually salespeople who have leveraged themselves - sold themselves as managers regardless of how good they are at actually managing. The closest equivalent is politicians.
Sometimes an owner is actually forced to take on multiple such roles at the same time, especially in a small company or a startup. Then they tend to fail thanks to their shortcomings unless they get or hire help.
For example Jobs was not particularly any good manager. He was a salesman and a designer. He hired good managers.
When he managed directly he got abject failures, that only his skill in sales partly covered.
The article described a case where someone hired a manager to actually do the job of a process quality engineer/quality officer.
The professional managers should be in a deputy position to the promoted ICs. This way they can bring their skills and expertise in management and empower the promoted ICs who understand the business or problems deeply.
The professional managers can be pretty useful if they don't have people reporting to them and help with processes, compliance, planning, making presentations and excel tables and yet the capacity for damage will be limited as the promoted ICs will need approve anything.
DEC apparently had "administration" instead of management, implying it didn't rule but rather assist, but I don't know the exact details.