AI does help speed up development! It lets you completely skip the "begin to understand the requirements" and "work out what's sensible to build" steps, and you can get through the "type out some code" parts even faster than copy-pasting from Stack Overflow (at only 10× the resource expenditure, if we ignore training costs!).
It does make the last step ("have a piece of software that's fit-for-purpose") a bit harder; but that's a price you should be willing to pay for velocity.
Poor code monkeys. I am in a industry where software bugs can severely harm people since over 20 years and the fastest code never survived. It always only solved some cheap and easy 70% of the job and the remaining errors almost killed the project and everything had to be reworked peoperly. Slow is smooth and smooth is fast. "Fast" code costs you four times: write it, discuss why it is broken, remove it, rewrite it.
It does make the last step ("have a piece of software that's fit-for-purpose") a bit harder; but that's a price you should be willing to pay for velocity.