Is it possible for a Progression Fantasy story to remain engaging when the MC gets to high level?

I've been thinking about this for a while and have concluded that there are two path you can go by, but in the long run they all lose their lustre.

In the one, the character switches location to where they're the over powered low man on the leader board again, but this is kind ends up being a rinse/wash/repeat thing. I'm not saying that ranging further afield to encounter higher ranked opponents can't work, but too often it's repetitive.

In the second case, the story changes and things become more kingdom builder, but that's often at odds with the original premise and it seems many times the complaints come because of this necessary change.

Incidentally, I've seen discussions IRL about military aviation and combat arms that's similar. You start out doing the job. Then, as you rank up a little bit, you end up still doing the job, but with a few lower ranked people under you. However, eventually, you rank up and are no longer doing the job. Instead, you're managing folks who are still doing the job. Maybe some of the super special operations units you can keep going on missions, IDK, but the pilots I've known have always complained about having to move up or move out, and how moving up means flying a desk.

Are there other options I've not considered?