In high-performance teams it is. In bike-shedding environments of course it is not.

I'm not sure I'd call it bike shedding so much as that a lot of time and effort tends to go into hard to answer questions: what to build, why to build it, figuring out the target customer, etc. A lot of times going a thousand miles per hour with an LLM just means you figure out pretty quickly you're building the wrong thing. There's a lot of value to that (although we used to just call this "prototyping"), but, that doesn't remove the work of actually figuring out what your product is.

The least productive teams I've been on, it wasn't usually engineering talent that was the problem, it was extremely vague or confused requirements.

I think you meant to say incompetent leadership.