This does say a bit more about the sorts of things his engineers are doing than he intends, i think.
In my experience GPT/Copilot cannot handle difficult programming tasks that have not been addressed before. Moreover, when it comes to utilizing modern technologies that are not covered in the model's training data, they become unusable in my opinion.
The vast majority of developers aren't doing cutting edge work at FAANG. They are working on CRUD applications, which can more easily be replaced by AI