It's only an issue for people who insist they are 'worth' FAANG jobs. Outside of the big players theres ample opportunities.
Whether there are 250k open positions at suitably-high levels is less clear, but there are more than twice that many open positions.
Of course, people used to making $300k+ might balk at positions offering half that or even less, but they're out there.
I think there is an assumption that all of the layoffs have been engineers or engineers, designers, and product people, but a huge chunk of them have been in support roles that are less needed without big hiring demands.
If companies are cutting travel and expense budgets, that means you can cut accounting staff. If you are largely not hiring, you can cut recruitment staff. Etc., etc., etc.