Great point. I can think of a few things:
1.) For the time being, we still want human vetting of answers. This now means prof and student can vet more and do less other stuff.
2.) The prof still has to manage his AI workflow and check in and vet progress. With his PhD students, he can have them do that, so instead of him having 4 PhD students working on 4 problems, he can have 4 PhD students each working on 10 problems, so now his lab is 36 problems more productive.
3.) Every single math PhD student is fucking brilliant. These are like, the smartest people around. If we really need fewer of them to do math cause AI displaces them, the rest of the economy is begging for talent like that. Software, hardware, you name it, math PhDs can do it better than most. Instead of being locked in a campus building solving problems that might have practical application at some point (or not), they can be in the world producing massive value to society ASAP.
LMK if that makes sense!