Well, hopefully there's a silver lining to all this: Talented and underappreciated engineers (or those just caught in the crossfire of shitty policies) will go on and start new, more exciting companies.
Have a family and esp these employees in high CoL cities? Very tough.
Speaking from experience. Been there done that.
"We'll have all this new innovation via new startups now!" is such a feel good sentiment to layoffs but in reality is nowhere close to a solution for the affected employees