Yah i guess i think it depends on timeline of AGI vs ASI and who controls the keys to AGI.

If we hit ASI in the next say, 20 years, i agree with your point of were at the whims of the new superintelligence (this also assumes it is free/others develop it that allow it to be free, if the US govt gets ASI but keeps it on a tight air gapped leash then that doesnt help) if ASI is alot harder than people think and instead we just have extremely advanced protoAGI/AGI thats controlled by specific groups i can see the massive labor layoffs happen and then society in large will be at the mercy of what UBI/social welfare laws are passed (or not)