It depends. I've met a few engineers who coast by on their experience and seniority, likely putting in less than 10 hours per week of actual work. They don't make top dollar, but are still paid handsomely by most measures. Of course, they had to prove themselves first to earn the privilege.

I don't want to generalize (anecdata and all that), but it seems like this would be pretty easy to do at many big (non-FAANG) companies.