When I've shoulder-surfed my managers and PMs for roughly the last ten years, they're all like that: wall-to-wall meetings. Any technical work they do (and here at least, (T)PMs are expected to potentially contribute technical work) is done outside 9-5.
Certainly there are techniques to mitigate this, but I see it, at least.
A former coworker called these people professional meeters. Had an EM like that. Either he was in a meeting or he was walking around and talking the ear off of whichever unfortunate soul he bumped into. Tangible output was basically 0.
Certainly there are techniques to mitigate this, but I see it, at least.