I'm going to say a definite "Yes!" here, assuming that you're managing a software product!

If you don't know how to code, and how software works, you can get by specifying features and roadmapping fine. It won't stop you creating an amazing user experience, although it might make it harder work to get there.

If you do know how to code, you will have a much better mental model of how it works inside, and your ability to predict how hard some stories are will improve. You will also have clearer insight into the things the product could do, and be able to conduct deeper conversations with users.

Most specifically, you will be able to begin to discover more "affordances" in the product that you otherwise wouldn't know about. Most users of software know little tricks, or are able to make the software do things it wasn't intended to be able to do, and sometimes this can lead to entirely new lines of functionality within an app. A lot of innovation can happen this way.

One last point: does knowing how to code mean that you should get involved in the code, and/or even submit code? If your product has a strong API story then this might be appropriate (and I would definitely recommend it), but otherwise my answer here is "probably not". Knowing how to code and how software works is extremely important; attempting to actually do that job is very difficult, and you'd definitely encounter the dangers that the other posters warn of.