That is true of any job where you are working for someone else, but there is a particular issue with engineering. If you are a really good engineer, there is no guarantee that you will be a really good engineering manager. If you go to work for an engineering company to move up the corporate ladder means you will be involved in management and politics more and engineering less.

Unless... you take your expertise and go into business for yourself. (Spoiler alert: that's what I did). Yes, it is much more risky than a 9–5 job, and the idea that you don't have a boss is just flat wrong. Every customer is your boss. Engineering jobs are not like iPhones. Someone doesn't come in, give you €600 and leave. You do projects and develop customer relationships. If you're good, those relationships will last, and you'll have numerous bosses all asking for your time.

The big advantage (for me anyway) of this second approach is that I can continue to do the engineering work I love while making more money than working for a corporation.