As someone approaching that 40yo cutoff soon enough, does that same apparent bias in hiring show up for managers and executives as well, or only hands-on indivi

As someone approaching that 40yo cutoff soon enough, does that same apparent bias in hiring show up for managers and executives as well, or only hands-on individual contributors? Maybe there's a general perception that if you're in your 40s and you've worked hard enough, by then you should be a director or VP of some kind, and if you're not you must have messed up? I understand not everybody is meant for managerial ladder climbing, but is that perhaps the stereotype that everybody expects?