Only if you don't examine that proposition at all.

You still have to review AI generated code, and with a higher level of attention than you do most code reviews for your peer developers. That requires someone who understands programming, software design, etc.

You still have to test the code. Even if AI generates perfect code, you still need some kind of QA shop.

Basically you're paying for the same people to do similar work to what they do now, but now you also paying for an enterprise license to your LLM provider of choice.