Not neccessarily. Say there's 3 million competent senior software engineers in the US, and 75% of them are already working as senior SWEs (the remaining 25% are in early retirement or have switched professions). The best that doubling wages in short term can accomplish is makes those 25% of people move back to the profession.

As for people who don't know how to code retraining to be SWEs - since becoming a "senior software engineer" takes at least 5 years, you'd have to wait 5 years to see a result, irrespective of how much you increase the wages.