How much of an advantage is a software engineering background if recruiting for product roles (assuming no direct product experience)?

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Massive advantage in my opinion.

Some will disagree, but there are way too many people in tech that know nothing about tech. Everyone working within the tech sphere would benefit from having at least a basic understanding of software engineering.

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100%.

If the only thing you can do is talk fluff with business stakeholders and open a JIRA ticket, your team is going to struggle.

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I think it depends on the nature of the role. I hire for a product owner that needs to be very technical for product execution and understand how software is developed. Other product roles will focus heavily on the product management aspect. The former would probably put you at a higher advantage than the latter.

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