This is my field of expertise, including advising international organisations on the future of human translation and AI.
There is still a place for it but the market share is decreasing fast.
There are still areas where the risk of using AI is too high (medical, legal..,) and I expect that there will still be a niche for humans in these areas for some time to come.
Language combinations still matter greatly. AI is excellent in English and many other of the "big" languages. Less so the lesser spoken ones.
International organisations all still employ human translators. But you need to be expert in using and understanding all the MT and other automated tools available, as these are widely used in the big organisations.
There is still space in literary translation for humans but that is notoriously badly paid and not a viable career for most English translators.
There will continue be a market for translation project managers, post editors and linguistic consultants.
But pure old fashioned translation, less so. Universities are aware of this...
So I'd not necessarily say to steer clear - but know it's not the same career as it was. You have to go in with eyes wide open, embrace the tech and become an expert at harnessing it.