Oh I'd say its real. Years ago I worked as that senior who divvied up the work to a team of 4 mid-level engineers in that exact fashion (they were mostly Latin American contractors with limited english). We actually shipped some good stuff too!

Unfortunately, looking back, I could easily see Claude replacing 3 out of 4 of those developers. Myself + one other dev + AI would probably would've shipped a bit more a little faster. With that said tokens aren't free so the net cost savings would've been 2 dev salaries maximum.