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Not sure on that, the CS field has been oversaturated for many years now. For like 2 decades straight, it was the number one STEM field people chose. While some of it can be attributed to AI, a lot of it is simply that we don't need that many CS majors.
The field has certainly been over saturated, and I'm not going to pretend that there's suddenly going to be jobs for everyone, but there is going to be a huge amount of work de-sloping code bases, and relearning the instititional knowledge that's been lost. I think that those with the right skills, and the right contacts, will be able to do well for themselves, even if the work isn't the most exciting.