This makes sense to me.
Until Software Engineers have automated away all the other jobs with AI & software they'll be safe. That's going to take a long time.
Replacing software engineers with AI only affects the bottom line of software companies. Companies are usually fine with increasing the bottom line if they can exponentially increase the top line. I think software engineers will provide that capability for at least the next 10-15 years.
I think that's an over-simplistic view - at the moment there are many, many software engineers hired by companies who are betting on AI being madly profitable. If those expectations change, we could see more cascading layoffs, which will mean those engineers will go looking at more traditional places like banks, which means they'll stop hiring, which means it'll be harder to someone who is looking for a new job to find one, even though not all jobs have yet been automated.