I have a friend with dyslexia and he has always agonised over writing email. At work he would often get me to check important emails for him.
Using AI allows him to feel a lot more confident in what he is writing, particularly when I suggested he tell the LLM tone (friendly and professional) he was wanting.
This median of 5yrs experience is also backed up by Stack Overflow surveys (and Python surveys).
So where do they all go (I doubt the number of grads is doubling)?
I think a lot realise that programming is not their bag and move into account management, IT support, Business Support, or even other career's entirely.
You are right - tokens are going up currently.