I came to the same crossroads and agonized over my decision for a few months. For context - I am an engineer with over 10 years of work experience currently working in a well-known small company. I am currently working on our Java/Scala services.
Every company I have worked at has been very appreciative of my communication skills and my focus on operations. So I was evaluating product management as a serious choice - as a PM who could also code reasonably well.
These were the questions I asked myself -
1. Is the new career going to give more control over my time or less (courtesy: Scott Adams's advice in his book)
With PM, I have noticed that your schedule is controlled by the customers you talk to and the deluge of meetings either with engineering stakeholders or the sales/marketing parts of the company
By continuing as an engineer, you get to dictate your hours to a large extent. There are still those meetings that you don't like, standups where people drone endlessly, but you can control most of the time and how it gets spent.
I have also noticed that people tend to forgive you if you don't want to/ care about socializing. They chalk it up to the engineer stereotype and let you be.
2. Are my skills transferable?
As an engineer, if you care about honing your skills and learning all the time, you'll do well. Mostly have transferable skills that you can take to other jobs
As a PM, this is not entirely true. Say you specialize in medical devices, you are unlikely to get hired by a ride sharing service. The vast domain knowledge you might have built about the market for medical devices might not be useful for ride sharing. Even though engineering problems tend to be similar (scaling, availability), it is not a guarantee.
So I decided to stick to being an engineer while also trying to be someone that is more empathetic to the product org. I will make a genuine effort to slip into the customer's shoes, think from the product perspective regardless of how cliched it sounds when I say that :)