That depends on how easy it is to use the new tools.
Getting higher level languages and various libraries/frameworks didn't make coders obsolete, because there was still tons of work to do at a "higher level" that required algorithmic/engineering-style thinking. Yes, previously difficult tasks got a lot easier, but that just meant that even more ambitious projects could be tackled, and that was useful.
In contrast, it may be the case with art that the things a relative newbie can spit out with the help of image generation models are "good enough" for most use cases. Yes, a real artist would be able to squeeze out even more, but many companies may be willing to go with the option that's enormously cheaper and still seems to produce okay results.