I would argue that Meta had already overhired by the beginning of 2021, and the hiring spree was continuing.
Meta was over hiring engineers from about 2015, if we're being honest.
This is true, I just didn't want to admit it as someone who joined after 2015 but before 2021...
Honestly, every one after about 2014 was too many (I joined in 2013).
There was an old all hands I watched in 2014 where Sheryl talked about how around 8k was the largest they should ever get.
More generally I think that while sales scales linearly, engineering and product should probably be sub linear.