It can be, but there are lots of reasons to believe it will not be. Knowledge work was the ladder between lower and upper classes. If that goes away, it doesn't really matter if electricians make 50% more.

I guess I don’t believe knowledge work will completely go away.

Its not really a matter of some great shift. Millennials are the most educated generation by a wide margin, yet their wealth by middle age is trailing prior generations. The ladder is being pulled up inch by inch and I don't see AI doing anything other than speeding up that process at the moment.