Yes, but for experienced engineers that is still a huge huge change .
Even 12 months ago simplifying tasks alone was insufficient, you still needed a large group engineers to actually write, review and maintain a typical product for solid startup offering. This came with the associated overhead of hiring and running mid sized teams.
A lot of skilled people (y)our age/experience are forced into doing people management roles because there was no other way to deliver a product that scales(in team and complexity not DAU).
A CTO of mid-stage startup had to be good architect, a decent engineering manager, be deeply involved in product and also effectively communicate with internal and external customers.
Now for startups setting up new you can either defer the engineering manager and people complexity lot latter than you did before. You could have a very senior but small team who can be truly 10x level and be more productive without the overhead of communication, alignment and management that comes with large teams.
----
tldr; Skilled engineers can generate outsized returns to orgs that set them up to be successful(far more than before), I can't say if compensation is reflecting this yet, if not it soon will.