Certainly the scenario where a human touch isn't valued by the market raises lots of very difficult philosophical and economic questions but that's a separate issue.
No, it does not, at least for arts. There is a chance, that AI will free art from it's utility or the necessary to create value. Maybe graphic designers and illustrators will lose their jobs due automatization, but most paid art (concept work, corporate design) was instrumental compromise anyway. Take away the commercial floor and what's left is the part they cared about most. Engineers on the other hand identify mostly by being optimizators and creating value. They may keep their jobs, but at what cost?
> Engineers like to build finished products, not wallow in minutia
This only works if what you loved was having built the thing. If what you loved was the building itself, the solving, then "here's a way bigger system, the AI figured it out" isn't a win. It's just a promotion from maker to manager. And a lot of engineers specifically tried to avoid this promotion in their career.
Of course AI threatens this too, but the threat is of a much lesser degree. One could even argue that AI is helpful here with getting mathematicians to the 'frontier of knowledge' as AI is usually good in combining ideas from different fields.