Complemented, and AI-piloted, but not replaced. There are significant positive scale factors in aerodynamics. Larger jets have much better thrust to weight ratios, allowing them to move faster, travel further, maneuver better, and carry heavier and longer ranged weapons and sensor platforms.

Light drones and big expensive aircraft will both exist in the future and play separate roles. They also won't interact much, aside from a fighter group spearheading a drone group. A drone swarm is too diffuse to be a worthwhile target for a fighter's weapons, but a fighter is too fast to be engaged by a drone swarm.

Air battles of the future will likely be conceptually similar to air battles today, but with light drones replacing bombers with guided bombs. An initial wave of fighters will contest air superiority. If they achieve it they will use it to launch long-range attacks to disable a small number of anti-drone hard points. Once the way is clear a wave of smaller, slower drones can swarm in and bomb a large number of targets with precision.