Is future of Software Engineering at risk?

So the current situation of software engg. as a field is thriving on the fact that AI (LLMs) have become a great tool for software engineers to leverage and get the work done as quickly as possible. Is AI soley responsible for the huge layoffs that took place recently or is there something more to it .Lets find out!

So for some background on building software, generally it a takes quite a few devs , ui designers , a principle architect and a product manager to name a few people on the board.