The truth is somewhere in the middle. Do you remember the early 2000s boom of web developers that built custom websites for clients ranging from e-commerce sites to pizza restaurants? Those folks have found new work as the pressure from one-size fits all CMS providers (like Squarespace) and much stronger frameworks for simple front-ends (like node) have squeezed that market down to just businesses that actually need complex custom solutions and reduced the number of people required to maintain those.

It's likely we'll see LLMs used to build a lot of the cheap stuff that previously existed as arcane excel macros (I've already seen less technical folks use it to analyze spreadsheets) but there will remain hard problems that developers are needed to solve.