No way, to replace software engineers one would have to have GAI, which we are lightyears away from.
The hard part of code writing is not the “transform this logic to code”, but to come up with the logic in the first place, which is pretty much transform this and that requirement into logic first. Which does often need domain specific knowledge, and possibly interaction with the client.
Requirement logic and interaction with customer to shape it is the domain of the Business Analyst (or similar position). I can imagine that BAs in our company, equipped with a slightly better version of the Copilot, could prepare a lot of code. BAs in our company have limited knowledge of coding. Yet I'm quite certain that they are capable of selecting the right implementation proposed by the Copilot, in most cases. Without resorting to developer's help, they would just click to prepare are routine. Like automated checkouts in the supermarkets, they don't make the checkout jobs disappear completely, but they're substantially reducing the need for them.
The hard part of code writing is not the “transform this logic to code”, but to come up with the logic in the first place, which is pretty much transform this and that requirement into logic first. Which does often need domain specific knowledge, and possibly interaction with the client.