Directionally, I think that's certainly true for some professions. It is
probably the case that it isn't true for software engineering. The biggest reason involves how software, as a business, involves a ton of problem space exploration and experimentation. Most businesses have an infinite appetite for software; there's always another idea, another feature they can sell, another expectation, another bug we can fix, or a performance problem to improve.
Tooling improvements leading to productivity boons ain't a new concept in software engineering. We don't code in assembly anymore, because writing JavaScript is more efficient. In fact, think on this: Which would you grade as a higher productivity boon, as a percentage: Using JavaScript over Assembly, or using AI to write JavaScript over hand-writing it?
Followup: If JavaScript was such a 10,000% productivity boon over assembly, to AI's paltry 40-45%: Why aren't we worried when new programming languages drop? I don't shiver in my boots when AWS announces a new service, or when Vercel drops a new open source framework.
At the end of the day: there's an infinite appetite for software, and someone has to wire it all up. AI is, itself, software. One thing all engineers should know by now is: Introducing new software only increases the need for the magicians who wrangle it, and AI is as subject to that law as JavaScript, the next expensive AWS service, or next useless Vercel open source project.