As already mentioned, the two roles - architect and project manager - are different and have different core responsibilities too. I will not go into details about what each role does, as there are plenty of resources available to describe the attributes of each. For example, just two such resources:
The problem in a small company is that you have a lot of things that need to be done, a lot of responsibilities to fill, but not enough people to take care of everything. So people need to wear multiple hats. You might be a developer who also works as a tester on someone else's tasks, or you might be a developer who does some business analyst work, or an architect that does project management work, or whatever combination you might think of. So people do their own job (basically what their core profession is), but also other things that are needed at any given time.
Depending on the company, the jobs being performed, the people, etc, this can work. If someone can fill in the project manager role, then that's just fine, you don't need a dedicated project manager. The problem is though, that this setup doesn't scale.
I mentioned people wear multiple hats. It's more than that. It's juggling the hats. Constantly having to change between the hats becomes tiring, error prone, and inefficient. You end up dropping some of the hats on the floor. At that point you need to hire more people to take on the job, and it's usually good to hire someone qualified for that position.
Your architect might be in charge of project management duties, but that's not their main job. So maybe they had enough. Maybe the managerial work is negatively affecting their architect work. They need help. They need a project manager.