This is the message between the lines of much of the anti-dev schadenfreude, but actually spelling it out makes it obvious: it's not true.
Only a minority of dev jobs are automating people out of work. There are entirely new industries like game dev that can't exist without it.
Software development has gained such a political whipping-boy status, you'd be forgiven for forgetting it's been the route to the middle classes for a lot of people who would otherwise be too common, weird or foreign.
I think a lot of genAI coding efficiency will have the same property: costs will go down to the point where things that couldn’t be done affordably in software in 2020 will be affordable in 2030. That could well result in a net increase in tech employment.