I have worked with a lot of CTOs or similar. Sometimes CTO is a title that can approve large budgets and an effective CTO is actually their direct report.
Being a CTO is less about technology and more about understanding the global technical landscape, accounting and legal implications to large budget decision making. If I, for example, choose Microsoft as a vendor will that impact our Pacific market and if so what is the cost benefit? These are not trivial choices. To an extent a lot of the job is risk mitigation, reducing liability for the company.
A good analogy would be a CEO of a shipping company not knowing how to sail. They will know costs of the voyage, costs associated with the voyage, etc. but not the day to day of how a ship operates. And they don’t need to. If anyone has worked with a micromanager they’d appreciate this.