While generative AI does make writing some things more efficient, it almost always has a bland, generic style that is immediately recognizable. The only jobs it will be replacing are ones that didn't require much effort in the first place.
Of course, that might impact the number of available jobs and it's something that need to be taken under control.
But, if talking about writers, while AI won't realistically replace imaginative authors and investigative journalists (at least, certainly not in the short term), it will likely replace (some) copy editors and dollar-per-thousand-words "journalists" that have to fill tabloids and free subway "newspapers". While it might be a financial loss for the people involved, the society will hardly sink due to that. In fact, if I feel optimist, in theory it might reduce costs for publishing houses and newspapers, to invest more into quality (human-made) content.