It's incomparable the difference now compared with say layoffs in 2022
Back then, you might think the market was a bit cooler, but talented engineers were still in massive demand. Growth in tech was stalling but a massive reduction in demand was very unlikely
This time there's a real chance that in 10 years we have 50% or less the number of software engineers today, if the job title still even exists as we know it
Of course if you only go back as far as 2022 it’s massive right now. Consider dotcom bubble burst or 2008 and it’s actually still not as bad (although I believe it will soon become so).