By this logic, any technology is a threat. Its only a matter of how the technology is used. We could be celebrating that we can all work less for the same pay, but that's not how we're choosing to have it play out.
Overall, Americans have been increasingly working more for less pay for decades, all while productivity (and profits) have risen. Even at the SWE engineer, we should never expect innovations to ease our labor burdens unless we fight for that to be the case. By default, we'll do one of two things:
1. Be expected to do a lot more work, since AI makes it easier
2. Get laid off, because 1 person is now doing what a team did with AI (even if they're doing it worse)
this is the kind of society you want to live in?
However in the coming age of restricted energy availability, capitalism will become obsolete and disappear. It's already happening, we're contemplating a new form of techno-feudalism growing upon us.
I'll add this aside : some of these people with "Nobel prizes" in economics go as far as saying things like "+4°C will only marginally affect the economy as only outdoors activities like agriculture, which represents a couple percent of GDP, will be impacted". Because as you know, agriculture as part of GDP perfectly represents its actual importance in our lives: economists don't eat I suppose :) A joke I like is "the brain is only 2% of the weight of an economist, therefore its ablation will only have a marginal impact on this economist's ability to function".