I never believed it, though (if I had, I would probably have switched degrees, as I hate management). And while the belief was common, my impression is that it was only so among people who didn't code much. The details on how it would happen were always highly handwavy and people defending that view had a tendency to ignore any software beyond standard CRUD apps.
In contrast, if I had to choose a degree right now, I'd probably avoid CS (or at most study it out of passion, like one could study English philology or something, but without much hope of it being a safe choice for my career). I think the prospects for programmers in the LLM era look much scarier, and the threats look much more real, than they ever did in that period.
Of course, some level of computer skills is important in most professions at this point. But logic suggests that CS (and programming) compensation will level out at a level comparable to similarly skilled technical professions.
And the "unskilled people putting together legos" is also very much a thing in the form of low/no-code platforms, from my own circles there's Mendix and Tibco, arguably SAP, and probably a heap more. Arguably (my favorite word atm) it's also still true in most software development because outside of coding business logic, most heavy lifting is done by the language's SDK and 3rd party libraries.