Yes. Just like globalization created companies like TSMC, AI will do the same. Software engineers who don't rely on LLM code generators will have a moat because they can do it cheaply and sustainably.
Another reason is that LLMs train on the existing code we already know, don't expect new programming languages or frameworks this means that the software engineering skills that exist today will be relevant for a long time.
I am not so much convinced by your last point, that point of new languages and frameworks. I think the cutoff date is closing in on our current now. If models cannot easily become bigger, they will likely advertise using "up-to-date-ness". Maybe they will be merely a few days behind. Or bigger models will make use of smaller but more up-to-date models.
I think engineering skills will still remain relevant due to taste and proper judgement. A model trained on everything and the kitchen sink has probably not the fitting bias for given specific problems in my project. Accepting too much AI generated code without steering the ship will result in some drift of taste and ultimately make some mediocre project like done by people without good domain knowledge and without good taste. It might even be short term a business, but it lacks the long term excellence, that sets projects with good judgement apart from the common rabble.