For some, *maybe*, but keep in mind:
I have met a fair number of folks making $200k+ who were supremely underwhelming. They would have a very narrow wheelhouse and *only* do things within that, single language, single framework, stuff like that. Even then, you ask them to do something that they can't find an example of online already and they would be lost. We had a scenario where work hired a few of these folks to replace the front-end work that our 'full stack' team had been doing, because we had more money and we should develop it 'properly'. They started from scratch, had a fairly basic tutorial-fodder front end and customers complained about loss of features and the front-end team rejected as "impossible with new framework, so won't be done". Meaning they couldn't find anyone who did that on stack overflow, and the old UI wasn't written with Angular so they decided it was not applicable. AI may well supersede such folks fine.
For a fair number of these companies, if the realization comes that AI couldn't replace the personnel they thought it could, then the bubble is likely popping and taking some of these companies with it. If not completely, having to scale back offerings. AI isn't going away, so the people in the above example can't celebrate too much, but the realization that it won't replace the entirety of white-collar work will be crushing financially.
Even assuming they can and want the talent back, they may see their position as strong with all those other unemployed/underemployed developers out there, so they may not relent to an exorbitant consultant rate. It *can* work and work long term if things line up right. For example they begrudgingly get gouged on what they think is short term then realize they can't just bandaid it and let the consultant go. But it's far from guaranteed.