Infact I dare say you have vision!! While I can’t comment on the worthwhileness of the other fields you mentioned, you are right that (mid-level better paid) software engineers can be replaced by freshly minted dirt-cheap engineers. Also forget India, other cheaper labour markets are mushrooming: e.g. Sri Lanka, Indonesia, even some African countries.
But all is not lost. If you have some edge over others in someway you can still hold your own. But yeah, if you have an up and running family business do give it a look in.