I agree with Jorge Castro in this point of view. Even you have the deepest knowledge of coding and software architecture, without those you cannot be a good software architect.
As a software architect (Martin Fowler for example, not about any job role), you must understand requirement in order to match you solution. Over engineering or under engineering is both not good.
In a small team, software architect is the same as CTO in a big company. CTO cannot decide everything for every team. Even if you are just developer in that team, knowing your teammates capabilities will help you give more properly suggestions.
In the modern engineering methodology, evolution design is the top choice as it improves agility of the project. Every developer has to know how to model the business, why software project failed (to not repeat it), why we should do this and not do that...
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