I've heard a similar thing but phrased as what frustrates you in you work most. It's a bit more cynical.
Basically: If you're frustrated by your work... probably junior. If you're frustrated by your colleagues... probably mid-level. If you're frustrated by too much management... probably senior. If you're frustrated by too little management... probably lead.
I think about it in relation to how much responsibility each person in the team is comfortable taking.
If you're responsible to solve tickets, you're probably junior. If you're responsible for implementing features, mid. If you're responsible for making sure the whole project will work in time for delivery, senior. And if you're responsible for making sure your team can deliver the project on time, lead.
Basically: If you're frustrated by your work... probably junior. If you're frustrated by your colleagues... probably mid-level. If you're frustrated by too much management... probably senior. If you're frustrated by too little management... probably lead.