Time will tell, but we have a constant backlog of bugs and requested features that we can never get to. If AI can make us work twice as fast (or better), that means we can get to some of those things. We can attempt larger projects that we just don't have time for. A critical piece of our software was written a LONG time ago on GWT (Google Web Toolkit), and it's an absolute PITA to make any changes - normally you add a significant buffer to any estimate because inevitably a change will break some other parts unintentionally, and testing has to be careful because of that. If we could free up some devs to rewrite it (and use AI to help), that would be amazing.
Large shifts in technology do usually change the employment landscape, but it doesn't always end up with people being out of a job. And with a shift in technology comes new jobs. My job wasn't an option for my parents to consider. There are jobs being created now that I never thought of only 30-ish years ago when I was in high school. And some people will prefer to shift from being "farmers" to being some of these new things.