There's something fundamental here.

There is a principle (I forget where I encountered it) that it is not code itself that is valuable, but the knowledge of a specific domain that an engineering team develops as they tackle a project. So code itself is a liability, but the domain knowledge is what is valuable. This makes sense to me and matched my long experience with software projects.

So, if we are entrusting coding to LLMs, how will that value develop? And if we want to use LLMs but at the same time develop the domain acumen, that means we would have to architects things and hand them over to LLMs to implement, thoroughly check what they produce, and generally guide them carefully. In that case they are not saving much time.