Fine Art grad here.
My thoughts, in no particular order:
Fine art degrees are about art for the art market ie high end collectors and public commissions. Almost no one makes their actual living doing that sort of art.
You don't need a fine art degree to paint portraits, you just need practice and practical training. In fact a fine art education will probably be a drawback because it won't particularly value or even teach technical ability. There is basic technical support for workshops and possibly elective courses for things like bronze casting but broadly you are expected to find out for yourself how to create the thing you want to create.
What you get from a fine art degree is bags of practice at thinking about what you see around you in people and culture, at being self motivated and self critical, at facing and handling other people criticising (sorry, critiquing) your work without fluffy niceness, at hustling, networking and making your own opportunities. For the right type of person it's a toolkit that serves you well in almost any role.
People who do well on fine art degrees tend to be curious, interested in new things and new ideas, not scared of being laughed at and brave enough to put themselves and their ideas out there. That plus the training in hustling and resilience means we turn up in emerging areas (in my case, the internet in the mid 90s) and some of us end up making careers in them. I can guarantee right now more fine art students are interested in and experimenting with AI than are feeling threatened by it. Some of them will find those experiments turn into a lucrative career, not as an artist but in the field of AI or in a practical application of it.
So in summary, definitely not a degree that's a route to a sure fire good job, definitely not a degree for sensitive or shy people, but can be a really great foundation for an intelligent and unconventional person to have a career in something that doesn't even exist when they join.