Just to add to this:
- When a senior dev reviews code from a more junior dev and gives feedback the more junior person (generally) learns from it.
- When a senior dev reviews code from an AI, the AI does not learn from it.
So beyond the first order effects you pointed out - the using of more time from more experience and hence expensive people - there is a second order effect due of loss of improvement in the making of code which is both persistent and cumulative with time: every review and feedback of the code from a junior dev reduces forever the future need for that, whilst every review and feedback of the code from an AI has no impact at all in need for it in the future.
Given enough time, the total time wasted in reviews and feedback for code from junior devs is limited - because they eventually learn enough not to do such mistakes - but the total time wasted in reviews and feedback for code from an AI is unlimited - because it will never improve.