I have been able to build applications that I couldn't dream of before, not because of a lack of capability on my part, but because of time: I don't have the time to learn all of the new APIs and frameworks to accomplish my goal. Now I can build far more complex useful applications, with functions and features that would take me months or more to learn how to code.
The downside is that I didn't learn how to use those APIs, but it can be argued that these skills are low value to begin with. APIs change, there are competing APIs that do the same thing, and you may only use that skill for one project and then move on. Gaining those skills can be a big time sink and may not result in long-term gain.
Think of all the time spent learning the ins and outs of come-and-gone APIs and frameworks over the decades (I chose not to provide examples to save the resulting side-arguments, but I know you can rattle some off in your head). Those APIs and frameworks were bridges to make developing easier for the common developer, but they change so quickly that I'd argue they waste our time, and lead to almost endless re-work as we re-architect our software for the framework de jour. And they grow in complexity over time, ultimately becoming the next bloated framework. It's an endless, wasteful cycle.
Maybe AI can help us get out of that.