You think that AI understands your code deeply, and the purpose and context that exists outside your code?

Yes, it does, much more than the person sitting next to you or yourself. I wrote probably 1-2 MLoC in C and C++, and I literally see no reason why would I not be using the AI to produce code when it's already much better than I am, and much better than pretty much anyone I know or have worked with.

For all intents and purposes, yes.

(as it would apply to a human software engineer also)