I still feel like the best uses of models we've seen to date is for brand new code and quick prototyping. I'm less convinced of the strength of their capabilities for improving on large preexisting content over which someone has repeatedly iterated.
Part of that is because, by definition, models cannot know what is not in a codebase and there is meaningful signal in that negative space. Encoding what isn't there seems like a hard problem, so even as models get smarter, they will continue to be handicapped by that lack of institutional knowledge, so to speak.
Imagine giving a large codebase to an incredibly talented developer and asking them to zero-shot a particular problem in one go, with only moments to read it and no opportunity to ask questions. More often than not, a less talented developer who is very familiar with that codebase will be able to add more value with the same amount of effort when tackling that same problem.