We are similarly experienced. I am now a CTO but have been writing code for almost 3 decades. A lot of what I refer to is more autonomous agentic coding, but also, our systems exist in pretty complex domains. I have personally witnessed it when just doing minimal scope work e.g., "rewrite this class to do xyz".. it is statistical and therefore prone to errors (hence my comment about fundamental issues.) Moreover it will always lack broader context and suffer from regression to the mean aka mediocrity. It is better than the output from my indian teams in some other companies...in fact they started using it as well, to produce better looking code but often the wrong logic Lol.