There used to be a job people would do, where they'd go around in the morning and wake people up so they could get to work on time. They were called a "knocker-up". When the alarm clock was invented, these people lose their jobs to other knockers-up with alarm clocks, they lost their jobs to alarm clocks.
You can paint your own walls or fix your own plumbing, but people pay others instead. You can cook your food, but you order take-out. It's not hard to sew your own clothes, but...
So no, I don't think it's as simple as that. A lot of people will not want the mental burden of learning a new tool and will have no problem paying someone else to do it. The main thing is that the price structure will change. You won't be able to charge $1,000 for a project that takes you a couple of days. Instead, you will need to charge $20 for stuff you can crank out in 20 minutes with gen AI.
That said, I'm pretty sure the market for professional photographers shrank after the digital camera revolution.