The domain of computational design, driven by advancements in Generative AI, is transforming creative fields. We explore the transformative effects of Generative AI on the architectural design process and discuss the role of the architect. The case of architecture is interesting as designing houses is complex, involving extensive customer interaction. We employ a within-subject experiment using a popular general-purpose text-to-image tool for generating designs and providing feedback on existing designs, followed by expert interviews. The study reveals that AI can disrupt the ideation phase by enabling clients to engage in the design process through rapid visualization of their own ideas. In turn, the architect's role shifts more towards assessing the feasibility of designs generated conjointly by clients and AI. Our study also shows that while AI can provide valuable feedback on designs, it might fail to generate such designs, allowing for interesting connections to foundations in computer science, i.e., NP-completeness. AI's feedback also tends to hamper creativity and innovation by suggesting altering novel, innovative approaches toward more standardized designs. Our study also reveals that there is uncertainty among architects about the interpretative sovereignty of architecture and loss of meaning and identity when AI increasingly takes over authorship in the design process.