A lot of this rings true, but I think it's still too narrow. Sure, coding does not equal productivity, that is well debunked already. But I would argue that productivity is a product of engineering delivery + product decision making. Now where is the line between product and engineering? It varies by company, team and individual, but I don't think productivity can be measured for those functions independently, and in fact I see gains from AI on both the coding AND the product management side.
Basically as a senior tech lead in a large company engineering org, I don't have the bandwidth to individually validate every assertion from engineers on other teams OR from every product manager that comes with a half-baked ask. In the past I would be limited by the influence I could get through human relationships to strong SMEs with good judgment, and those folks always thin out as a company grows and calcifies. The number of creative and innovative thinkers dwindles, and the number of people protecting their turf and doing the minimum not to get fired increases. As a result many good ideas can get blocked by random gatekeeprs with poor imagination, poor expertise or both. However with AI I can follow up on gut instincts and fact check a lot more things, and ask incisive questions that can cut through a lot of organizational bullshit.
That's where I think most of the AI gains are today. Of course once AI plateaus and normalizes I think it will be baked into the org structures of tomorrow. But for now it offers real competitive advantage to those with the expertise to ask the right questions.