There is both involved, and I can say this as a top main, and I'm sure all other lanes have it in different forms.
Shen for instance, the micro play comes from aiming the taunt, aiming the collision for the empowered hits (in this case usually not relevant because you will almost always get it if done while taunting), then timing the W to block some counter trades, or using it reactively against bullies like Renekton. The better you are at micro, the more damage you can pull off in a combo, the higher the chances you can dodge skillshots reactively and overall, get a better result in a particular skirmish/objective/siege/lane trade.
Macro play would be reading the enemy cooldowns, enemy jungler location, the enemy mid laner location, my laner's ward locations and timer, and as a Shen thing, possible interventions with R, and after considering all of these, choosing the best course of action. This could be picking a good fight, going for an objective or even retreating.
However, neither of these will work without each other. You can be a Vayne mechanics god but if you don't read the map and get caught out, no amount of micro is going to get you out of the cc and nukes of 5 enemies surrounding you. This is how some scripters still end up feeding. But yet, if you know all the ins and outs of the map, and you pick a good fight to engage in... if you can't kite for shit, the diver is going to kill you. The Kog maw video by Rubick is a different story, I for one cannot even comprehend how that it is even possible for an ADC to facetank. I have never seen something like that in my low level of play. Kiting 10/10 indeed.
Both macro and micro play are important in this game, you cannot solely rely on one to win games. You don't need to be extremely good at both, but you just cannot have one without the other.