I think you're spot on. They're hiring as much as possible to make numbers look better ("we're growing so fast!") and later on blame AI for layoffs ("we're way more efficient with AI now!"). That's the play in almost all VC funded companies. If you want to stay there, try to shift to a position that decides about the product and has a lot domain specific knowledge. Start looking for an enterprise job if stability is important for you.
Yes! Coding is just one of the tasks you've got to do when building a software business. You also have to find a good value preposition, identify a good channel to your customers, manage your resources etc.
Channels are becoming even more important as software has become easy to copy. But copycats always existed. When it wasn't created by AI, it was created in low wage countries.
In my opinion, a lot of strategic work can be automated - and results would actually be better. Why? Because the strategic management agent would most likely follow a scientific process and make small bets instead of investing millions in initiatives without having a clear signal.
What you cannot automate is the human contact. Trust between humans. Enlighting the fire that burns inside you inside others. CEOs aren't necessarily the best strategic thinkers but they're very good in dealing with people and they are high-agency people.