The question really is what you think the long term direction of SWE as a profession is. If we need juniors later and senior's become expensive that's a nice problem to have mostly and can be fixed via training and knowledge transfer. Conversely people being hired and trained, especially when young into a sinking industry isn't doing anyone any favors.

While I think both sides have an argument on the eventual SWE career viability there is a problem. The downsides of hiring now (costs, uncertainity of work velocity, dry backlogs, etc) are certain; the risk of paying more later is not guaranteed and maybe not as big of an issue. Also training juniors doesn't always benefit the person paying.

* If you think long term that we will need seniors again (industry stays same size or starts growing again) given the usual high ROI on software most can afford to defer that decision till later. Goes back to pre-AI calculus and SWE's were expensive then and people still payed for them.

* If you think that the industry shrinks then its better to hold off so you get more out of your current staff, and you don't "hire to fire". Hopefully the industry on average shrinks in proportion to natural retirement of staff - I've seen this happen for example in local manufacturing where the plant lives but slowly winds down over time and as people retire they aren't replaced.