Na. We'll be able to do more with less... but the amount of work to be needed will increase, hence more people will be needed as well. Same old story. Compilers didn't get massive people fired.
My view is that in the past the increases in productivity have come in a period of exponential growth of the software industry and that growth can absorb the additional productivity. But exponential growth doesn't last forever and if you have a period of a declining / flat / slowly growing software field, a significant enough productivity improvement from tools like LLMs can reduce the overall demand for software development.