The State of DevOps lists 2 metrics for Software Development: Deploy Frequency (Throughput), and Lead Time for Change. They are great for measuring the expected outcome of an Engineering Team.
I've seen managers attaching it to OKRs or used as the area KPIs. They are excellent indicators of performance for companies.
However, as an Engineering Manager, I don't see they're so useful for daily activities. They provide a high-level overview, but little visibility on what's going on in daily activities.
Managers usually need a more deep analysis of the process to improve the Lead Time and Deploy Frequency themselves.
For that task, I would go break Lead Time into smaller steps of the work, such as the Time from Commit to Open a Pull Request (assuming the company is doing code review), Time to Merge (from Opening to merging a Pull Request), and so on.
How do you track process healthiness and effectiveness in your company?