My team is doing the same, and yet all of us still aren't sure that we're actually more productive overall.

If anything it seems to me like we've just swapped coding with what is effectively a lot more code review (of whatever the LLM spits out), at the cost of also losing that long term understanding of a block of code that actually comes from writing it yourself (let's not pretend that a reviewer has the same depth of understanding of a piece of code as an author).