What was a little different then was that tech jobs paid about 30% more than other jobs, it wasn't anything like the highs we have seen the last few years. I used to describe it as you used to have the nicer house on the block, but then in the 2010s+ FNG salaries had people living in whole other neighborhoods. So switching out of the industry, while painful was not as traumatic. Obviously though having to actually flip burgers was a move of desperation and traumatic. The .com bust was largely centered around SV as well, in NYC (where I live) there was some fallout, but there was still a tailwind of businesses of all sorts expanding their tech footprint, so while you may not have been able to land at a hot startup and dream of getting rich in an IPO, by the end of 2003 it was mostly stabilized and you could likely have landed a somewhat boring corporate job even if it was just building internal apps.

I feel like there are a lot of people in school or recently graduated though that had FNG dreams and never considered an alternative. This is going to be very difficult for them. I now feel, especially as tech has gone truly borderless with remote work, that this downturn is now way worse than the .com bust. It has just dragged on for years now, with no real end in sight.