I do not see comparisons of today with 2001 or 2008 as hyperbolic. I was working during both of those and remember them as fairly localized. Large areas were demolished, but there were plenty of other areas to move into for sharp, technically literate folks.

I had friends who, in 1999, were freshly-minted millionaires at Microstrategy, then lost it all less than a year later. And a friend who joined Lehman after his Wharton MBA in the summer of 2006. While it was not fun to be in the middle of the burst they all easily found high paying jobs within a few months.

I suspect this crisis may be worse as, after spending trillions on covid lockdowns, we have fewer options to spend our way out of this problem. The pain in both 2001 and 2008/9 was limited as the US pumped money into economy and inflated another bubble just as the previous one was bursting, and I think this option is not easy to use today. But I am not an economist, we shall see in a couple of years how this shakes up.