Yes and No.
Let me explain. Because of Machine Learning, many jobs which are repetitive in nature will be done in a much effective and efficient way. But then, a lot of jobs will be created with this wave.
Now that being said, the area of artificial intelligence (AI) has seen unprecedented growth in recent years as companies and individuals move to apply ML (a subset of AI) to more and more complex tasks. Much of AI research has been more or less focused upon problems where humans are unable to perform certain tasks in a structured way due to their limited experience or capabilities.
Thus artificial intelligence has and will have a huge impact on our lives, be it from the early days of digital computation to today, most of the techniques used in machine learning are being applied to areas where humans are less likely or unable to perform tasks without explicit instructions.
How ML works?
In short, machine learning algorithms use an input of value and a target to identify patterns of action, or to select a result of value that exhibits a certain type of behavior associated with a given ‘set’ of values. The output of this process is a program that will perform the specified task on a network of computers.
There are a lot of variables and factors which we are not considering in here, but then, the speed at which the world is moving towards the ML phenomenon gives us some signs as to what the future is holding for us.