I think this is true to some degree, but not exclusively true; new grads still get jobs. However, I think it'll take some time for universities to catch up with the changes they need to make to refocus on architecture, systems design & skilled use of LLMs

My opinion is that the demand for software is still dramatically higher than what can be achieved by hiring every single senior dev + LLM. I.e. there will need to be more people doing it in the future regardless of efficiency gains