If you're writing react/python/angular or something popular it seems to do amazing things and spit out entire websites (per demos).
Unfortunately, when I try to put together C++, Rust, or even C# using recent libraries like Blazor it chokes up. I fully understand at least one reason why (libraries and language features not being in the training data from 2021) but that makes me feel that perhaps software engineering at the cutting edge or niche is safe and still requires human reasoning. Not to mention things like properly understanding when and why to use certain data structures, real-world impact of coding choices, pricing, esoteric speed/efficiency improvements, etc.
I think there's still a broad general area where good, great, and amazing+ developers can operate without much threat and in fact using their knowledge and experience to leverage GPT-4 (or others) as a force multiplier.