Perhaps but at least when you are directing a junior developer, even if badly, you'll eventually get a non-junior developer on the other side. With an AI agent, you'll get ... what?

With current models, you're right, there will be nothing to show for the effort except the code itself.

I suspect that will change sooner or later. Models will be cultivated over time the way we cultivate full-time employees now, with an acquired awareness of what they're building, new skills picked up in the process, and insight into how the larger system works.