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The slide rule didn't render arithmetic obsolete. Neither did the calculator. Being able to do math on paper is a side effect of understanding the base 10 representation of number most of the world has settled on. And the first thing someone in college for EE does is re-learn this arithmetic in base 2. The calculator is just an extra tool to get to numerical results faster.

ChatGPT is an extra tool as well. Smart students will realize they have an extra tool to get an upper edge when competing in the zero-sum game they've been thrown in. They'll have ChatGPT generate the essay from an outline they wrote and will then trim and re-formulate as needed, spending most time fact checking and reading from source material to make sure ChatGPT isn't making stuff up (what will get some of their classmates caught).