I think it's quite possible that "code monkey" type jobs will shrink in number as automation of boilerplate tasks accelerates. I think a lot of "full stack developer" jobs are in large part full of these types of tasks: know how to wire up the framework and shuttle data from point A to point B in the canonical fashion. That work will still exist, but it will be primarily supervisory. I hope.

I think there will still need to be highly qualified people 'directing' the tools, teaching, and determining architecture.

I suspect there'll be less of us, and the job will change, but the market need will still be there. I think in this context a masters will indeed be quite useful.

(Saying all of this as a person who has gone their whole career without a degree.)