Based on past experience, it seems more likely that what will happen is that skill sets will change, people will become more productive resulting in more stuff getting done that necessitates more companies employing more people, etc. Which sucks of course if your skills are the ones that are automated away or become obsolete, but that's something been going on for half a century or more.
The hypothetical arrival of AGI, of course, especially if it's doable on commodity-level hardware, would be a different thing and the societal upheaval could be catastrophic. But I feel like the current crop of AI is just a continuation of the previous thing.