It certainly feels that way. I was there. Fortunately had just waltzed into the tech side of things and scurried off back to my professional career for a couple of years.
I watched a lot of stuff burn. It was horrifying. We are nearly there again.
Yeah similar story here. I had to spend a couple of years painting houses before the local market recovered enough that tech jobs were a thing again. Shit was surreal. There was one guy I knew that went from building multi-million dollar server and networking projects for IBM to literally working as unskilled labor on a fencing crew just to make rent.