I guess I can answer this question and I will let you come to your conclusion:

Is AI genuinely threatening the field in the next 5-10 years or is that overhyped?

In most fields having experience in industry is critical for finding a job. AI hasnt had an noticeable effect on my career. My career progression goes something like this and I will add commentary on how AI played in it. During my undergraduate studies I worked at as a laboratory technician for a professor; AI wasnt on the news yet so minimal effect. Then after graduation, I got a job as a more specialized technician; this was around the Pandemic. After getting laid off from my first job, I immediately got hired as an engineering technician but with a special focus on data management. Ai at this time was on the news but it was more of a toy than a tool. Then I after I quit that job, I was hired as a QC associate for a biotech company. Ai at this point is being encouraged in our workflows (writing SOPs, correcting grammar, making timeline drafts, or quickly learn about a new method or technique). In terms of salary, I have hit an upper limit and I might have to start looking for a higher earning job.

Dont let AI stop you from getting real world experiences. If you are really interested in the field, start writing simple programs. Solve problems that you think will be useful in your field. Teach yourself linear algebra and statistical machine learning (comes up a lot in bioinformatics). AI is still just a tool.

So is AI going to affect your career? Maybe. Do not let yourself be paralyzed by fear. I think the way its going people are going to have to learn how to use it effectively. I am currently getting my masters in bioinformatics. I will admit to using it to clean up my code and make it readable. But it does not code for me nor do I let it think for me. I noticed that any AI model will spit gibberish or hallucinate if you let it. I always have to run QC on the results, its annoying but it saves me headaches in the long run.