You seem to be saying there is an area of softwre engineering that is not saturated candidate-wise.
Well, don't hold us in suspense -- go ahead and tell us specifically what sort of engineering role you were referring to here!
As we go up the engineering career ladder and land on more specialised roles with the necessary experience, both from a technical and managerial perspective, the funnel definitely shrinks. I won't deny that that looks different from place to place, but it's hard to deny that it will take years still for any saturation we see to take place on the higher part of the career ladder as people specialise more as they get there.
Specifically once we started looking for engineering management and principal level roles that still bring the technical expertise we'd expect the hiring pool was definitely not saturated.