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I believe that the saying is true for the most part. If you dislike your manager as well as the job, you are more likely to leave the job sooner. I am just thinking personally about my current one, I leave next week on the 29th for a better offer. I thought the job was okay but I was severely underpaid as well as an incompetent manager. If she was good then I probably would have not left as early but it just seems like she did not even care about her job, ironically she is leaving the same day I am leaving.
What do you think of that saying?
I think it has a ring of truth but oversimplifies a complex situation.
The reality is that bad managers make good jobs bad, and really good managers can make bad jobs tolerable. But people leave for their own reasons, and they can be complex. Sometimes they leave a good job and a good manager for new opportunities, greater growth, etc.
And of course "good" and "bad" are subjective. As a manager, I've been in a situation where all but one person on the team thought I was great and gave me glowing reviews and feedback. That one person thought I was holding him back and not supporting him, and eventually quit. I didn't agree with that assessment and supported him more than he'll ever know, but I couldn't please everyone.
But I do think that working for a manager that you click with and enjoy working with can make almost any job good enough if other needs are being met.