Today, I don't think the tools are good enough to make a material difference. It may help a bad engineer tread water, but it won't take you from good to great. It may save you time writing basic boilerplate and individual functions, but I suspect 99% of engineers don't struggle with that. What's hard about our jobs is knowing how to orchestrate the whole thing and put structure around complexity. AI can't do that yet.
When I use it personally, it feels like a harder context switch trying to describe in english what I already know how to code. Then I still have to review the function to make sure it's accurate. It feels like a waste of time and an additional context switch.
Whenever the AI gets better, we'll have to use it to be productive I have no doubt. But the pool of engineers will change too - there will be a categories of engineers who can't debug the AI output and who still write crazy prompts.
Maybe I'm old, but I'll only be worried about AI when it can write and maintain a full app with no human intervention.