No, nothing fundamentally new is created. Programmers have always been obsessed with "new" tooling and processes to distract from that fact.
"AI" is the latest iteration of snake oil that is foisted upon us by management. The problem is not "AI" per se, but the amount of of friction and productivity loss that comes with it.
Most of the productivity loss comes from being forced to engage with it and push back against that nonsense. One has to learn the hype language, debunk it, etc.
Why do you think IT has gotten better? Amazon had a better and faster website with far better search and products 20 years ago. No amount of "AI" will fix that.
Maybe I would be useful to zoom out a bit. We're in a time of technological change, and change its gonna. Maybe it isn't your job that will change, maybe it is? Maybe it's not even about you or what you do. More likely it's the processes that will change around you. Maybe it's not change for better or worse. Maybe it's just change. But it's gonna change.