And before that in the big 2008 crisis, sure. And, to put forth a silver lining, layoffs tends to get a lot of press and happen all at once, while people start new projects and get new jobs all the time without making headlines.
It still sucks to see social media erupt in lost job notifications every so often, though.
I think this time bothers me more because... well, there isn't much reason for it. Mostly everything blew up during the pandemic, a lot of money was made and now things are going back to baseline. But public companies will NEVER report they're shrinking if they can help it, and if they do they will try to appear to be becoming cheaper to compensate, so the obvious call is to let go of a bunch of people you were mostly hoarding anwyay.
The takeaway here, if you ask me, is to never have loyatly for an employer, at least when it comes to moving on to a different job or ask for better conditions. This sort of thing happens all the time and especially publicly traded companies will not hesitate to cut you loose if it makes business sense. You have less leverage, so the thing to do is a) bargain collectively to get more of that leverage, and b) treat your labour negotiations with the company with the same business sense they do.
In the meantime, I still recommend hugging a developer. Patting lightly the back of the head could also be acceptable. Just ask for a preference first.