From what I've seen, AI can code, but it is a tangled mess and hard to debug. Also, I read that AI costs more than human workers, so there is no advantage to using it other than faster productivity.
I use AI for a lot of coding and it takes effort and experience to reduce some of the excess cruft it likes to add.
I have heard fewer anecdotes from people I know of the form "I do my job faster, shipping features 50% faster using LLMs". I think this is a project lifecycle thing too. An existing 5 year old project with users, stakeholders, product team, etc probably is going to null out any coding speed up.
I recall a very "agile" team I was on where we met with users weekly to get their requests, demo the changes made, and usually half the meeting was them changing their mind about what they said last week. I don't think delivering features 2x faster and meeting twice a week would have worked.