Unsurprising. Experienced engineers in this market are like Oracle or IBM post-peak, overly complacent and not used to fight for a job. The kind of people posting on Youtube or making courses about How Everyone Should Code because everyone can get a job coding and no matter how many people join the workforce jobs will always abound. The kind of engineer talking to non-tech people about how they should always negotiat…
While there is a basis for many of your points, the overall take is a quite a bit too doomsday-ish. Many senior software engineers have financial cushion. This market will probably get worse before it gets better, but like after dotcom boom and 2008 crisis it will recover. And having assets that you can live on for a few years means one doesn't need to dash around panicked to every job posting. My 2c.
Less financially stable folks are actually applying and prepping not stop because moaning online won't give you a job nor put food on the table.
For the financially secure, the options are mostly the same. They just have the additional option of waiting. Their chances of getting a job similar to their previous one is still very low.
While they have the option of remaining unemployed but financially secure, and they have the option to literally wait for a few years, this will not look good on their CV.
You have two candidates, similar experience, one has a job, the other one hasn't had a job in 2 years. Interviewers from a job market that has been employer driven for the last x years will likely choose the employed one. No employer cares about how financially secure you are. If they have the choice of someone like you but with no recent job gaps or no gaps at all, they will choose the other candidate every single time. Just like an employee will always choose the slightly better company even if both companies are similar.