Earlier quoted context omitted.
Sure, but the general consensus is that companies and managers are not as willing to hire the 15+ yoe crowd due to their cost. The new people you describe sound like they are bad, not just new. If you have FAANG coming to you, then it sounds like you're in a different class. If someone is just better than most, like 1 SD above, then it'll still be rough.
The cost of everyone has and will continue dropping. Among the people who'll be cheaper, more experienced out of work people who already got into the shit housing market early will outbid younger more desperate people who can't afford to take cheaper salaries.
If you're factoring in cost of living to outbid someone, then clearly offshore could outbid onshore and the problem still stands.