Yes although many software engineers try as hard as possible to avoid learning what the business problem is. In my experience though those people never make great engineers.
I went and got an MBA to try and get around this. It didn't work.
When a non-developer writes code with an LLM, their ability to write good code decreases. But at the same time, it goes up thanks to more "business context."
In a year or two, I imagine that a non-developer with a proper LLM may surpass a vanilla developer.
They usually code for the happy path, and add edge cases as bugs are discovered in production. But after a while both happy path and edge cases blend into a ball of mud that you need the correct incantation to get running. And it's a logic maze that contradict every piece of documentation you can find (ticket, emails). Then it quickly become something that people don't dare to touch.
When the employer business isn't shipping software, engineers have no other option than actually learn the business as well.