I'm that 40 year old now. Been writing code since grade 5. Loved it so much I got a PhD, was an academic, then moved into industry.
I don't mourn or miss anything. No more then the previous generation mourned going from assembly to high level languages.
The reason why programming is so amazing is getting things done. Seeing my ideas have impact.
What's happening is that I'm getting much much faster and better at writing code. And my hands feel better because I don't type the code in anymore.
Things that were a huge pain before are nothing now.
I didn't need to stay up at night writing code. I can think. Plan. Execute at a scale that was impossible before. Alone I'm already delivering things that were on the roadmap for engineering months worth of effort.
I can think about abstractions, architecture, math, organizational constraints, product. Not about what some lame compiler thinks about my code.
And if someone that's far junior to me can do my job. Good. Then we've empowered them and I've fallen behind. But that's not at all the case. The principals and faculty who are on the ball are astronomically more productive than juniors.