1)Head-on: talk to you manager and your manager’s manager and be direct. Explain your frustration about your role and why you like the work. You have had value to the company in the past, and the company is invested in you for several years. See if they can or want to change.

2) Silently Bail: start looking around while you’ve got a comfy role that you can work in. Keep looking until you find the right role at the right comp.

For what it’s worth, even though I’ve engaged in the latter more than the former, I recommend the 1st. Communication is always the better option. If you’re feeling this way, others are probably too. The company needs to be aware of this, and the rest of leadership needs to see what’s happening. Hiring a bunch of people to replace your experienced engineers is difficult to make a net positive.