Yes. That could be said for engineers as well.

If the business can no longer justify 5 engineers, then they might only have 1.

I've always said that we won't need fewer software developers with AI. It's just that each company will require fewer developers but there will be more companies.

IE:

2022: 100 companies employ 10,000 engineers

2026: 1000 companies employ 10,000 engineers

The net result is the same for emplyoment. But because AI makes it that much more efficient, many businesses that weren't financially viable when it needed 100 engineers might become viable with 10 engineers + AI.