I imagine that, if you're in the US, it is seriously scary. Nobody is safe, not even in FAANG. Probably FAANG is the worst place to be now if you care about stability but it was never great before that (stack ranking, firing quotas, etc.). At least you had the idea that performance would keep you safe, but now it doesn't.

I'm not sure how much that translates in other countries where protections for workers are stronger and companies have different operating models. Not to say it's without trade-offs, you might feel safer over in Europe but you're never gonna see US-style compensation, and the concept of becoming a millionaire (and a new startup founder with ex-FAANG credentials) because you joined a startup at the right time is practically non-existent.