The sell was - Creating your apps was easier than before. You don't need to know any programming language. You don't need IT. You have a GUI and just drag and drop and visual your apps. Just fill the fields and voila your app is ready.
The criticism of the approach was that low codes apps might not be secure, unsuitable for large scale and critical apps, and lead to increase in unsupported apps by "shadow IT".
The same reasoning exists today for AI coding. Anyone can create apps, its not great for complex and mission critical apps, might not be secure etc. And lots of discussion like your post parsing the future too closely.
Low/no code apps have continue to grow. But many of the low/no code tool users are developers who use it to make their jobs easier.
While some might say - this time it is different. I believe we are currently we are the beginning of the cycle so everyone is excited to use their PowerApps shaped Claude Code/Codex to make their 100th budget tracking app but as time passes and edge cases are figured out the biggest users for AI are going to be software developers (and I believe they currently are the biggest users).
As for software engineering jobs just like before engineers will be expected to output more and faster. This has happened with every innovation from assembly compiler to IDE to low/no code ways of building.
The different levels of expertise exists even today and it will remain so.