Several things get better:
As a skip-level manager, you have a better relationship with IC's. Any interest you take in them personally or professionally is magnified simply because you're the boss of the boss.
Most of anything that is soul sucking CAN be delegated to your managers.
You don't have to solve problems, you just need to make sure your managers know they have everything they need to solve problems.
You have a lot more responsibility for the over all direction of a large swath of features.
The flipside is that it's pretty much all politics at that level.