I try not to make anything for snack or lunch that is going to take more than between 5 and 15 minutes to prep. And most of my clean up occurs during naptime.
So usually I am right there with the kids. However, unless we are doing a craft or another adult led activity, I am also one that is just amongst the children. I often find myself just observing them as they free play. And I think that's how it should be. I am there to drink pretend tea or make a scared face when a dinosaur is chasing everyone. LoL.
As they play I am tidying up certain messes, dealing with sharing issues, or using any teachable moments that pop up.