It already has. Every single one of my coworkers is using Copilot. If you mean in terms of the job market, the shift to more declarative supervision of the tool rather than imperative implementation of the work yourself means that the bar for skill is far lower.
There will come a time when product managers and UX designers just use AI to generate Figma mocks, and AI generates an entire scaleable platform from just that. Will they need developers? Sure, but maybe 1. Certainly not 8-10.