I was actually in a very senior position before and I ended up in a much more junior one, as that was all I could find. It was depressing as hell at the time. I spent some time doing another degree in a related field while in the junior role.
But, as ever, things picked up, and went on to exceed anything that had come before. Now, that doesn't mean this will happen exactly the same way this time round.
I can't tell from your post if you were doing a CS degree because you really like it or just saw it as a ticket to a high earning job. What I would say is try to find work in something you fundamentally like. You might find it hard initially, and finding exactly the right role might not just fall into your lap.
Perseverance is what makes the difference in the long term, and that's hard if you don't like the thing you're doing.