The most stressful part is that as you transition from IC to manager and work your way up the org chart, you become more abstracted away from actual being able to do the work and influence the outcome yourself. More responsibility, less direct influence.
Some managers struggle with this pressure and resort to trying to make their teams feel as much of the pressure as possible. Good managers learn how to set a healthy cadence, manage expectations upward, and keep a healthy but reasonable amount of delivery pressure on the team.
There is no realistic scenario where teams have zero delivery pressure, but it needs to be kept in balance. Burning everyone out all the time only works if you have a constant stream of replacement employees as everyone leaves, but then you lose institutional knowledge and reputation tanks. Managers who use these tactics need to be coached or removed from the company.