The whole industry is fucked. I had a job lined up before I even graduated back in 2015. Held it strong for nearly a decade and moved up to a senior dev role before the company made a huge shift and decided to split our team up, moving half of us to a new product with a completely different tech stack and workflow and 0 training. Went about as well as expected, and all of us from my old team got let go with absolutely no warning as a result. Apparently these days they're 100% focused on genAI garbage so even though it's been a few years I'm excited to check glassdoor when that bubble finally bursts.
Trying to get back into dev was a nightmare too. Absurd leetcode puzzles with no practical value, interviewers who clearly had no idea what they were talking about but had the confidence of a politician, AI bullshit everywhere, the works - all while being bombarded with news about constant layoffs at nearly every company in the industry.
I ended up taking an IT support role for half my old salary instead because I just could not be fucked to deal with the state of this industry today. It went to hell SO fast. I don't know of a single recent graduate who had a job lined up out the the door like almost my entire graduating class did, and no one I know who's been laid off or let go has gotten back into similar positions at all.