> Deskilling the job makes the employees time less valuable, because they can be substituted for another more easily.

That's not that self evident yet. If AI is a multiplier it might be the other way around i.e. can a $300k engineer + unlimited tokens generate more a $200k in extra value compared to a $100k engineer? That should be much easier to achieve with AI than without it? The more you spend on tokens the more it makes sense to hire the most highly skilled people you can find since their salaries are no longer that significant.

I don't think the dynamics are similar to what they are e.g. during the industrial revolution since AI is more than capable of clicking the submit button on its own.

The issue is that wages are based on supply and demand and rarely directly related to how much value you generate.