The first-order effect of this seems to be a continuous shift towards high-level programming languages. I have a sibling around this age, and the technologically savvy kids seem to gravitate towards Python and Javascript libraries. When you can set up a server online for cheap and with simple installation instructions, these kids can avoid needing to learn a lot about how a computer actually works.

I think there's definitely a loss in some areas of tech, but there's corresponding gains in some other areas. We can see this type of growth with the development of many other technologies as well; how many large farmers do you think could fully care for their plants by hand? How many kids know how to write a letter, or use cursive? How much of a toilet could most people conceivably fix? Low-level knowledge is often "lost" because it's not needed to actually use an advanced technology.

I agree that it will be interesting to see what trajectory this takes. COBOL runs a huge amount of our financial infrastructure, and almost nobody knows how to update/fix it. It'll be fascinating to see what the next COBOL will be.