Quiet the contrary, companies layoff all roles (frontend, backend, qa, devops, even ui/ux) and handle a project to one competent dev. And asks them to deliver it in 1/3rd the time it would have took with a proper team. It's happening at places I know. This thread on reddit is 100% same: https://www.reddit.com/r/developersIndia/s/EIksvB15tm

I can't even imagine the stress from context switching, and since people don't realize this is still work, they do this late into the night as well.

Every downturn you see the same thing - mass layoffs blamed on whatever the latest fad is. In the end it was the economy not the fad.

When it isn't the economy the gains are used to build more / better, not get rid of people. (not all fads have real gains, but when they do)

SWE's are a minority of the white collar workforce.