This is a cop out in terms of answering the op's question, but as someone whose DC are at uni, and having seen and been friends with a lot of different families with different DC, there is no one size fits all answer.
I have seen an amazingly calm and competent family with eight DC where both parents worked full time and boy they were on top of the parenting too.
I've seen a young boy with one sister with working parents, cry pitifully and become really distressed at the school gate with his nanny every morning and every school pick up for four years, and he grew up to be quite a troubled young man. His sister is fine though so was that just his ingrained personality?
I've seen depressed sahm mothers who are overwhelmed with the relentlessness of parenting who have angry children. And their parents are over-involved when they leave the nest.
I've seen tween DC who come home regularly to an empty house get in to trouble and go off the rails.
I've seen previously ft sahms go off the rails mentally when their DC leave home.
I've seen children who have every material advantage whose parents are permanently travelling.
I've seen a father who was a very successful entrepreneur give it all up in his forties to become a great sahp and one of the DC is thriving and one is going through a bit of hard time currently as a teen but I'm sure they will come through it.
For myself, I was a sahm during primary school and I worked three days a week during secondary. That worked for us. I was losing myself by the end of primary school. But I was hugely fortunate that I parented in an age where that balance was affordable. It's good to have a period I think where your DC have a solid, foundation of you being available. But then there comes a point where it is good for you as a mother and your DC to be stretched and have the corners rubbed off by wider society.
What I don't think is right is that parents are still supposed to work like they don't have children, and parent like they don't have to work. It's overwhelming and unrealistic for so many people. Especially women whose partners don't step up.