Generative models will certainly replace jobs that do nothing more than digest a lot of content from the Internet and then produce derivative recombinations of what they've seen. AI models can consume way more content than humans, generate derivative works faster, and they don't demand much salary. But are there really a lot of jobs that do nothing more than that? If there are, I don't predict consumers will be happy buying such content for very long after AI completely saturates the market with it. So, I'm inclined to anticipate that "weak" creativity will lose all value, but there will be a growing demand for "strong" creativity.

But on the other hand, I've seen generated content that I personally judged to be highly creative. If we reach the point where humans cannot even tell when they are being fed regurgitated combinations of what is already out there, then yeah, AI will take over creativity, and nothing of value will be lost.