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Yes and no.
A lot of the players involved very much DO remember the past few "AI Winters" and know that this tech is going to fail to impress at some point. Hence a push to ramp up with stuff they can repurpose.
But not everyone is Amazon or a good university (professor). There is going to be massive loss of employment as all the people who "know pytorch" have their demand drop to near zero. But we'll also have an entire generation of graduates and grad students who genuinely can't code and MAYBE can call pytorch on their data if they are particular overachievers. And we'll have had years of "Why would I hire a junior level coder when copilot can do that for us? 20 years of experience, minimum." And that is going to be REALLY REALLY hard to recover from.
Its the new "just hire someone overseas" of IT. Just another way to cut costs from hiring actual experts. Some will work, most will not.