Sure, if by SaaS you mean hooking together software that is essentially websites. Major industrial software that costs thousands per seat like Ansys or Dassault are not getting replaced by something that "AI" can cobble together.

The parts of SAP that's composable workflow stuff? Doubt it, because the types of ABAP workflows in SAP that might be "malleable" are the sort of stuff that often legally requires correctness and reproducibility - kinda the exact opposite of a good LLM use-case.

And as much as I'd like to actually own my software, SaaS is preferable for major corporations for lots of legal and accounting reasons like easier revenue recognition. They're going to keep pushing it because it makes all the parts of being a software company that don't include writing the actual software easier.