While it is important to understand the fundamentals of coding, if we expected every software engineer to be well versed in assembly that wouldn't necessarily result in increased productivity.
LLMs are just the next rung up on the abstraction ladder.
There will always be people interested in the gritty details of low level languages like Assembly, C, that give you a lot more granular control over memory. While large enterprises and codebases, as well as niche use cases can absolutely benefit from these low level abstraction specialists, the avg. org doesn't need an engineer with these skills. Especially startups, where getting the 80% done ASAP is critical to growth.