Based on the last 5+ years at working at FAANG adjacent companies - less than 5% of a SWEs time is dedicated to coding (Exceptions of course for crazy things like porting massive code bases to Rust...) - If anything - now that "coding has been solved" - it significantly reduces the need for body-shops, because now you require strategic product decision making - much harder skill to hire for/develop than yet another LeetCoder.
So - definitely agree with your general thesis.