I started my career in IT as on prem engineer, it took whole departments to run infrastructure for given project, fast forward 10 years and now i work as senior azure devops, it is possible for me alone to create and run whole infrastructure for given project. That doesnt mean most engineers are out of work now, on the contrary i can choose from hundreds of projects with simply wouldnt be economically feasable in the past.

But yeah guys who failed to change speciality and are stuck with old specializations are starting to have problem finding jobs now.