What it's trying to express is that the (T)PM job still should still be safe because they can just team-lead a dozen agents instead of software developers.
Take with a grain of salt when it comes to relevance for "coding", or the future role breakdown in tech organizations.
I'm not trying to express that my particular flavor of career is safe. I think that the ability to produce software is much less about the ability to hand-write code, and that's going to continue as the models and ecosystem improve, and I'm fascinated by where that goes.