I have seen it commonly cited (although haven't bothered to check the actual sources, mostly because I believe they should be taken with a grain of salt) that developers spend somewhere in the ballpark of 50-60% of their time doing "coding work" - that is writing the code, thinking about the solution in terms of technical aspects, reading code reviews. The rest are meetings, coordination, administrative tasks, being blocked or whatever else you can think of. Even if, wishfully thinking, the value of the act of "coding work" fell by 90%, the act of doing "software engineering" work would still cost no less than 50% of what it currently does. Headlines like these are alarmist and have little substance.
Edit: I also feel stumped why so many people give in to this hype that LLMs are good at coding when they can't even do seemingly simple tasks of plain English language summarization accurately as evidenced in https://www.youtube.com/watch?v=MrwJgDHJJoE. If the AI summarizes the code in its own context incorrectly then it will not be able to write it correctly either.