That assumes a static demand for development services, which has, more or less, never happened since computing became a thing.

Python, and other high level languages made a lot of development much faster, but it never lead to reduced engineering needs. Cloud made deploying services massively easier, and as a result we actually have a lot more people working in infrastructure.

Faster development mostly leads to expanded economic viability for new types of software. The real question is what becomes economically feasible if development costs are halved.