It's will be great to still be employed as a senior dev. It will be a little less great with a $110k salary, 5 day commute, and mediocre benefits being the norm.
However, I'm not eager to be living through this again. It feels very spring/summer 2002 to me right now. That was the lowest point for the local market back then.
I don't think this latest contraction has much to do with AI though. It's more about higher interest rates, recessionary economy, trade wars, etc etc.
At least for many on this forum you got a chance to earn good money while the sun was shining. AI threatens even the people that didn't.
That's extremely reductive, and a prime example of why everything is enshittified today.
Minutiae such as tabs vs spaces and other formatting changes are pretty clearly "borderline irrelevant" and code formatters have largely solved programmers arguing about them. Exactly how to best factor your code into functions and classes is also a commonly argued but "borderline irrelevant." Arguments about "clean code" are a good example of this.
Broadly, the skills I see that LLMs make useless to have honed are the the minutiae that were already "borderline irrelevant." Knowing how to make your code performant, knowing how to make good apis that can be stable long term, in general having good taste for architecture is still very useful. In fact it is more useful now.
The reality is that more software will be pushed than before, and more of it will need to be overseen by a professional.