The optimistic view of all of this is that these tools will give people with skill and experience a massive productivity boost, allowing them to do the best work of their careers.
There are plenty of pessimistic views too. In a few years time we'll be able to look back on this and see which viewpoints won.
I think Cleo Abrams on YT recently tackled this exact question. She tried to generate art using DALL-E along with a professional artist, and after letting the public vote blindly, the pro artist clearly 'made' better content, even though they were both just typing into a text prompt.
Here's the link if you're interested: https://www.youtube.com/watch?v=NiJeB2NJy1A
I could see a lot of digital artists actually getting better at their job because of this, not getting totally displaced.