The US alone has over 12 million people in tech. This few workers, for a field that has incredibly low unemployment and lots of open positions, is not going to have a problem absorbing newly unemployed.
I would also believe these lay offs are mainly in recruitment and other HR roles and light on the hard core tech roles.
Well Meta severely downsizing their HR department shows you they're not gonna recruit much if at all. It's not a great sign for someone looking for a job...