This is the risk and it has happened before.

The AI won't do my job exactly, but managers mostly manage, i.e. deal with organisational overhead. That Excel you've been maintaining for the past decade was never as crucial to the business' success as you made it appear. It was something the higher ups liked to talk about with pretty charts. An UI can generate other things to talk about from the same data.

I don't agree that those people don't have transferable skills, but I agree that's going to hurt. Like flattening hierachies, self-organised teams and outsourcing, previously cushy jobs will be replaced with more stressful ones.

You used to have a secretary to make calls for you and organise your calender. Now you have copilot and customers call you directly.

You don't need powerful AI or anything for this to happen. They just stopped hiring secretarial staff when managers learned how to use a computer.