Hot take, but I don't think it actually does, tbh.
Setting aside the temporary delusions of management, the tech itself doesn't devalue anything. It just optimizes away redundant stuff. That was always kinda redundant, but it wasn't "intellectual labor" just because it was done by white-collar workers.
We only have to go back to pre-AI days and look at what kind of mindless nonsense tasks said workers back then complained to see what I mean.
No people ever wanted to do this kind of work anyway, so it is fantastic that they in the future will not have to. The only thing we need to ensure is that the benefits of that will not be harvested by the same rich few. But that was also the mantra before AI, so nothing changed there either.
We can do so, because anything made out of carbon can also be reduced to carbon. Nothing and no one is untouchable, but, ideally, words are the tool. Anything else has unforeseen side-effects.