It can be both, one or the other, or neither.

I've been a professional software developer for over 30 years. I've been laid off multiple times in that timespan. None of those layoffs phased me in the slightest, all of them were at least semi-expected because there were signs that the company I worked for was in financial trouble prior to the layoffs. It didn't feel the least bit personal, didn't damage my sense of self-worth and I always just found a new job, usually in a matter of days, so I also never felt the practical financial pinch.

But... I am less sure of that outcome repeating if I were to be laid off today given the combination of my age and the stagnant job market in tech.

If I got laid off tomorrow, it wouldn't impact my ego or self-worth just like prior layoffs didn't, but assuming the general extended-"Open to Work"-linkedin vibe of the past year or so is accurate I'd be a lot more concerned about the practical economic impacts than I ever was previously. I'm not living paycheck to paycheck, but as someone who has always enjoyed working at smaller companies rather than FAANG-type places I'm also not retire-whenever-I-want well off.