I don't think you need to worry too much - those laid off workers are coming off hot SF salaries. Most of them won't really be at a "lower rate." A 5-year Googler laid off from $300k+ TC isn't going to just up and move to a low-COL area and displace someone for $100k-$150k.

I gather there are a lot of smaller companies in the tech hubs that are happy to pay $200k+ for a former FAANG'er, and moving is hard - most people won't want to move, so they'll probably stick around in the tech hubs. And now that remote-for-everyone has transitioned into remote-for-some-hybrid-for-most, I don't think the tech workforce is as location-fluid as some might expect.

Basically I think most people who aren't FAANG'ers, living outside the hubs and making "ok" money, are probably safe from getting displaced by the layoffs. A huge amount of the layoffs aren't even really coders, lots of recruiters/HR/support staff and so on are part of this, since they were making boatloads too but for arguably more replaceable work.