12 year SDE + 12 year TPM vet here.

Do everything you can to help your software engineers (or whoever is doing the work) have as much focus time as they need. Buffer your meetings and questions to one chunk of time per day. Encourage them to block-out and protect their focus time. And encourage the team to keep office hours so they can still make themselves available to others, but in a controlled way.

Be transparent with the business's goals and frustrations you are facing. There's an attitude (often among inexperienced devs) that PMs are good for nothing; just an interface to the rest of the business, and a source of where tasks come from. And some certainly are that, but a good PM is worth their weight in gold.

Find a good mentor, and start thinking about your next career step now.