Even in old cobol codebases coders are still needed to keep up with the changing environment.
I've done a few hype driven migrations myself. But if you set out with the primary goal to reduce the amount of time required to run and maintain a software/SaaS/paas/you name it business you can make huge wins in the time department.
Maybe I'm just lucky with a niche subscription based platform that doesn't need much tuning and perhaps 10 support emails a day. It doesn't return a FAANG salary but does net me €90k with minimal operational costs.
The key is not build that app you don't really need (and indeed requires constant baby sitting to please Apple/Google) not rewrite everything to the latest fad eg Svelte + CockroachDB using edge compute on fly.io.
There are enterprise B2B niches where a single small shop can service hundreds of clients, without needing uber-scale (see: you will never exceed 1mil concurrent users).
You can run everything on a single bare metal server if your dev team knows how to not waste resources (see: no ORM/toy databases, sane/strong-typed and compiled back-end language, use a mature package environment and tools, etc.).
Give a decade, and you can then cash-out when a bigger enterprise B2B shop buys you out. It's not an adderall-fueled manic-depressive roller coaster of a time; but it's honest work.
Best part: the only problem I've ever hit with scaling was people being stupid with their databases.