It wasn't covid - it was the post-covid coming down from all the free stimulous and ZIRP. The Russian war in the Ukraine is a much closer market to when the economy started tanking for devs.

covid was a last gasp for zirp. the interest rates were growing since 2016 and would've remained high if not for the pandemic. covid required a quick return to zirp to save the economy from a crash, then required a quick return to high interest to save the economy from inflation.

if not for covid, the zirp era would end more gently. covid overhiring was the last hurrah for companies to use the low interest. if not covid, there wouldn't be overhiring and subsequent firing

the market would be as bad as now (or dare i say, *normal*), but it would be stable bad, not whiplash.