"In other words, the ability to write and deploy code is no longer a core value driver" - I do not think it ever was, it is always what that code solves for customer. Ability to write and deliver code is just a way how you can get money out of core value.

Nitpicking, how SaaS stocks could plunge?

I think the good point is: "The monthly contract value is often far less than the customer acquisition costs (mostly sales and integration)"

You do not price your SaaS based on hosting costs, if yes then those SaaS solutions will simply run out of money. You cannot run growing SaaS on 1/10 slashed price, you have to fix bugs, add new features and evolve. I can build clone of some SaaS and run it on Linode with 1/10 of costs but I am not sales person, and not marketing guy. I would not have money to evolve and it is not fire and forget running on cheap hardware.

So article is not worth reading, nothing exciting.