That hasn't been my experience or the experience of anyone I know or have talked to about how LLMs have affected their work. The parent comment explains what happened.

The businesses fired the staff and pocketed the difference. The result? Growth, at least on paper, as you're saying. Previously they were paying for 10 people and now they're paying for 2 so more profit yay! Of course this is a short term gain which might result in long term pain. That last part remains to be seen.