Yes, the transition can be painful and some people will lose out and face hard career changes.
But overall, the multiplicative power of investment only increases, helping to make everything cheaper, and everyone richer.
People focus too much on their own small part of experience - like Claude Code replacing CRUD developers. Without appreciating that the LLM revolution (and broader AI like AlphaFold) also includes PhD students that don't need to lose time programming tooling, interns that might have spent their time on tooling that can now use LLMs to learn faster and actually contribute to their fields, disadvantaged students that can learn more directly and in a personal way, without it being dependent on their physical location.
All of this means you get more experimentation, more ideas, and more successes.