It really is not that bad when you are in a company with a good culture. Leadership is gonna be AI piled everywhere, but imho that's how you learn where to use (and not to use) the technology.
LLMs can be nice sometimes, but not necessary. Internal teams with "not invented here" syndrome currently working on that stuff are ultimately wasting money until the dust settles a bit more.
Those long deadlines have nothing to do with implementation. It's the game of telephone and accountability bottlenecks. You still want to retain your most experienced devs and give them plenty of time to work. Writing the code was never the bottleneck. A good dev team has balanced experience of the business and the code, not just the code, and certainly not the kind of code an LLM generates. Most of the decisions by those devs happens outside the codebase.
Sure, the slow behemoths that you talk about exist as well, but I am seeing many companies that have successfully turned compliance into just another kind of process that isn't slowing down the product development lifecycle. And within those process steps they are also able to leverage AI to speed up e.g. review processes.
I have doubts
This is the magical sci-fi future I always dreamed about, and it's getting better every quarter.
The amount of stuff I can do now, in terms of time and scope and volume, is unreal.
There has been so many projects that I never have had time to do that I've been able to acxomplish thanks to agents. Setting up more precise automation for my home assistant, expanding android apps with features tha maintainer didn't want to add but I wanted to have, having agents troubleshoot issues in my homelab servers, writing apps from scratch to meet my needs. Ahh, I love it so much.