I think that some engineers will still be needed to maintain old codebases for a while yes.

But it's pretty clear that the codebases of tomorrow will be leaner and mostly implemented by AI, starting with apps (web, mobile,...). It will take more time for scaling backends.

So my bet is that the need for software engineering will follow what happened for stock brokers. The ones with basic to average skills will disappear, automated away (it has already happened in some teams at my last job). Above average engineers will still be employed my comp will eventually go down. And there will be a small class of expert / smartest / most connected engineers will see their comp go up and up.

It is not the future we want but I think it what is most likely to happen.