What do I do when my boss is a poor manager of managers?

You have an attitude problem. You are evaluating your boss. That is a serious mistake. You are painting yourself into a corner. Break out of this or you will be on the outside looking in. She worries about him when he is not there because she does not really trust him. She could get burned on this guy. Stay out of the way. Be more loyal to her. He may be personally more entertaining, but that will not hold up if he does not produce.