If you already are an engineer it frees you up to be an architect.

If you aren't, then sure you'll be a PM with a lackluster team of engineers.

LLMs can engineer small well defined functions / scripts rather well in my experience. Of course it helps to be able to understand what it outputs and prod it to engineer it just the way you want it. Still faster than me writing it from scratch, most of the time. And even if it's the same time as me doing it from scratch it feels easier so I can do more without getting tired.