Switching as consultant instead of climbing up the career ladder

In my thirties I took a big decision. I left my 1-1.5 years managerial designation and joined as a senior consultant in a new company 5 years ago. Was promoted as a lead within 2 years. Now, left that job and joined a new company in my late thirties to take up a senior role which is equalent to a lead level with principal level next. Have been getting good pay rise during each switch.

Is this switch a good decision or a wrong one not climbing up the managerial ladder.

ps. I hated how as a manager I had to give false ratings to my subordinates/ team mates and forced by the management. Also felt I had to still learn a lot before taking up a managerial role long term.

Also, felt unsafe growing up the career ladder in the corporate/ IT industry - I may be wrong but this was my thought, plus the competition for managerial roles was very tough and too many applicants.