They're transformative in the sense that will shrink the optimal team size, but I don't expect the jobs to actually go away unless these things both get substantially better at engineering (they're good at generating code but that is like 20% of engineering at best) and we have a means of giving them full business/human levels of context.
Really basic stuff gets a lot easier but the needle doesn't move much on the harder stuff. Without some sort of "memory" or continuous feedback system, these models don't learn from mistakes or successes which means humans have to be the cost function.
Maybe it's just because I'm burnt out or have a miner RSI at the moment, but it definitely saves me a bit of time as long as I don't generate a huge pile and actually read (almost) everything the models generate. The newer models are good at following instructions and pattern matching on needs if you can stub things out and/or write down specs to define what needs to happen. I'd say my hit rate is maybe 70%