Not since the advent of the compiler have most developers understood what is being generated. Their efforts have instead gone into validation (often manual, but sometimes automated) to see that what was generated works as expected as that is all that really matters to the business goals.
Which is still where the effort is going, although there does seem to be more interest in automated validation now, which is welcome progress.
This is certainly overstating the difference between compiled code and the source code. If I write an if/else statement, I understand what the computer is going to do when it's evaluated even if I don't know or see the literal machine code.