I played around with AI image generation a little bit (when I first heard about it, it freaked me out, so I wanted to see for myself) and I honestly don't think it can take over that many art jobs, because as it exists right now, the technology has very concrete limitations. Or rather, limitation.
It has no freaking clue what it's doing. The program is literally just averaging millions of (stolen) images to generate a derivative composite of pixels that it's algorithm tells it has high likelihood of being what the prompter wants. It has no understanding of any individual part of any of the images it generates, which means it fails at things like perspective and anatomy, and there is no real way to improve this technology in these aspects. It's also incapable on a basic, program level of maintaining continuity for the same reason, which means it can never be used for conceptual work (since every concept evaporates from the machine mind the moment it creates the image) or any sort of narrative-related art (and forget any art that has to do with precise design and/or symbolism, like words). Outside of the hands of an artist capable of working with such raw material, it has really limited value.
There's a certain number of naive tech bros that believe that if they just feed this machine enough (stolen) images, it will figure things out, but it's... it's not how artists make art. It's not about having a million things to reference, it's about understanding the spacial relationship between objects, and how light within the environment interacts with said objects. There will probably be a period of time in which a bunch of unscrupulous tech bros attempt to leverage all the money they can out of this technology, and then eventually it'll just become a part of a professional artist's workflow and idle amusement for anyone else. (Unless someone manages to create a sentient machine that CAN discern the content of its own images - but then we'll have a much more interesting issue on our hands).
To me the biggest issue with it right now is the mass copyright infringement and art theft, which has been demonstrated to be the case by numerous researchers.
ETA: Also as someone who grew up in a science family and has a science degree, I am SO SICK of how much STEM gets pushed on kids (especially when they somehow fail to teach the basic fundamentals of all of it [human curiosity, and the desire to ask questions and seek answers] DESPITE all of the pushing).