Sure, developers will be working on a higher level of abstraction, but in the higher level, you will need lesser people.
So, people will be laid off. Make no mistake of that.
And there will be segments where entire products can be spewed out by AI. There will be 100% layoff on those teams.
A manager can now supervise 5-7 products and there will be one "Chief/Principal Engineer" who does the prompting for 2-3 products. Then there will be systems and devops people with much lesser number.
All of IT people won't lose their jobs, for sure. But many many will be laid off and hiring will significantly be dropped.
And owners/shareholders of IT companies will grow richer and make bank when the techies will be unemployed.
The techies may go on to teach Math or Physics to High Schoolers, or find other jobs, but then those people will be replaced.
UBI will be the way to go. But countries like India, China, Indonesia will be screwed.
Mark my words, very bad days are coming.