If you're completely new to the problem then ... yes, it does.
You're assuming that you're working on a project that you've spent time on and learned the domain for, and then you're comparing that to an LLM being prompted to look at a codebase with the context of the files. Those things are not the same though.
A closer analogy to LLMs would be prompting it for questions when it has access (either through MCP or training) to the project's git history, documentation, notes, issue tracker, etc. When that sort of thing is commonplace, and LLMs have the context window size to take advantage of all that information, I suspect we'll be surprised how good they are even given the results we get today.