Isn't that sort of like saying that most of the restaurant business is flipping burgers? Just because something is more common, that doesn't mean you won't be able to move up the food chain a little after 40 years of programming. Companies still have plenty of hard problems to solve in network performance, hard drive performance, UI architecture, cryptography....
You don't really "work your way up" from years and years of CRUD apps and API gluing to hard CS. In fact, if you get a CS degree and don't go straight into hard CS, you will forget most everything you learned in a few years, not to mention miss out on years of focused practice.
That or you can write code in whatever spare time you might have from your 8-10 hours a day job. Based on what's said around HN, people putting in 14 hours a day coding are not that uncommon these days, so perhaps it's something programmers are better get used to. Remember to blog, have a rich github portfolio, contribute to OSS and run your own consulting consulting company in the spare time from your full-time job.