In my experience it really depends on the company.

In one company for which I've worked, the HR department had a surprising amount of power regarding software developers' salaries and (for hiring) qualifications. It was almost impossible for hiring managers to override those policies.

Perhaps HR was merely implementing the policies chosen by executive leadership; i.e. perhaps they were just the messenger. But either way, HR was an additional level of bureaucracy that collectively hamstrung the company's ability to hire and retain top talent. IIUC this is really coming back to hurt them now.

Its all there in the name. We're resources, to be marshalled and managed by HR for the benefit and protection of the company. HR doesn't care a whit about us employees beyond the extent of any liability we might leverage into suing the company for.