I think you have two issues, the distinction between leadership and management and the ditinction between project and programme.
I see leadership as more motivational, providing direction and vision with Management supporting that by controlling resource use within a more contrained set of circumstances.
I see Programmes as collections of related projects. The formalised models also tie that to benefit realisation, noting that some projects don't realise tangible benefit but are enablers for others.
If a project doesn't realise tangible benefit that I'd be looking to find out what project it's related to which will.