To me it seems that the path to seniority would shift. It is difficult to answer because we're looking at it from the lens of 'fundamental knowledge'. Instead, to me it seems that now this is less of a requirement compared to 'systems-level thinking'. A very simple example could be the language syntax vs the program structure/parts working together. And with this, a junior developer would still lack this experience and I don't think AI tools would be a problem in developing it.

All I say though is from the perspective of self-taught dev, not a CS student. The current level of LLMs is still far from being a proper replacement to fundamental skills in complex software in my eyes. But it's only in it's worst version it will be from now on.