This seems ridiculous. This belief doesn't scale past a few programmers/employees.
If you are "doing it right", your time should be worth far more than a programmer's salary.
I run several websites/businesses. At one point I was doing all the coding, marketing, blogging, customer support, etc... I was crazy busy. Over time I've managed to hire for most of this, so I can work on bigger picture, managing what is to be done, architecture issues, and a lot more.
Every few months I try to reasses what things I'm doing that are not worth my time. Programming was one of the first to go. It's so incredibly time consuming and I can hire
someone better than me.