No, they're like an extremely experienced and knowledgeable senior colleague – who drinks heavily on the job. Overconfident, forgetful, sloppy, easily distracted. But you can hire so many of them, so cheaply, and they don't get mad when you fire them!
And if you push back on that insanity, they'll smile and nod and agree with you and in the next sentence, go right back to pushing that nonsense.
Ask it for things that many people get wrong or just do badly, or can be mistakenly likened to a popular thing in a way that produces a wrong result, and it'll often err.
The trick is having an awareness of what correct solutions are prevalent in training data and what the bulk of accessible code used for training probably doesn't have many examples of. And this experience is hard to substitute for.
Juniors therefore use LLMs in a bumbling fashion and are productive either by sheer luck, or because they're more likely to ask for common things and so stay in a lane with the model.
A senior developer who develops a good intuition for when the tool is worth using and when not can be really efficient. Some senior developers however either overestimate or underestimate the tool based on wrong expectations and become really inefficient with them.