"The job market will adapt and horses will simply find employment elsewhere now that we have cars"
The industrial revolution is not an apt analogy. Humans were still too essential to getting factories to actually work. Horses becoming useless - by no fault of their own - is an apt analogy. We are rushing to a world where humans can be fully replaced.
This "humans will always be in the loop no matter what" is just Cope. We simply don't know what will happen or the what the upper bound of AI capabilities will be. But 100% automation and humans as knowledge workers being as useless vs AI as horses vs cars is no longer sci-fi. We don't know if it will, but this is a future that actually could happen within our lifetimes.