I think that is probably right for the same amount of software.
But "same amount of software" is the part I do not buy. When something gets much cheaper, people usually want more of it. A lot of software does not exist today because it is too expensive to build or maintain. If that cost drops, the surface area of what is worth automating expands.
I think engineering work will move toward owning more, reviewing more, making better product decisions, and being accountable for a larger surface area.
