Your fear is in so far justified as that some employers will definitely aim to reduce their workforce by implementing AI workflow.
When you have worked for the same employer all this time, perhaps you don't know, but a lot of employers do not give two shits about code quality. They want cheap and fast labour and having less people churning out more is a good thing in their eyes, regardless of (long-term) quality. May sound cynical, but that is my experience.
My prediction is that the income gap will increase dramatically because good pay will be reserved for the truly exceptional few. While the rest will be confronted with yet another tool capitalists will use to increase profits.
Maybe very far down the line there is blissful utopia where no one has to work anymore. But between then and now, AI would have to get a lot better. Until then it will be mainly used by corporations to justify hiring less people.